Record Growth for Farrow & Ball in Financial Results to March 2021
Highlights
- Record revenues of £117 million, an increase of 35% vs prior year
- All markets and channels grew with the UK (the brands largest market) achieving +44% growth
- Online sales grew 250% and now represents 25% of the company's revenue
- Record social media following of 2.5 million, an increase of 24% vs prior year
- Continued strong position as market leader for premium paint helped by new colours with US designer Kelly Wearstler and partnership with Nordic Tapet Café.
WIMBORNE, England, Dec. 7, 2021 /PRNewswire/ -- Farrow & Ball Group, the UK based manufacturer and retailer of premium paint and wallpaper, has achieved record results of £117 million revenue, for the 12-month period ending March 2021, a growth of 35%.
This exceptional growth was achieved despite restrictions on social movements and store operating limitations as a result of the COVID-19 pandemic. The growth was broad based across all markets and channels with the largest market, the UK, growing +44%.
The company's advanced e-commerce capability and strong social media presence positioned the brand to proactively respond to the increased interest in the home category stimulated by COVID-19. During the year the e-commerce business grew to represent 25% of sales versus 10% in the prior year.
The company has been successfully building its social media following and capability for the past two years and was well placed to help when consumers sought interior décor advice and inspiration during lockdown. Its channels grew +24% across the year to close with just under 2.5 Million followers, including 1.1Million followers on its Instagram account - more than triple the size of any other paint brand.
The impact of Brexit for the business was mitigated by robust planning that enabled Farrow & Ball to maintain a reliable supply of product into the EU while others were more challenged when Brexit finally happened.
The business continued to innovate on colours and partnerships with inspirational and influential thought leaders in interior design including launching eight new paint shades with US based celebrity designer Kelly Wearstler, and a Nordic edit of existing Farrow & Ball colours in partnership with Tapet Café. It also expanded its unique Colour Consultancy service to offer virtual appointments to help meet the needs of clients decorating during lockdown.
Anthony Davey, Farrow & Ball CEO said: "We are very pleased with our latest results which are broad based across all channels and markets and are a record result in our 75-year history
"The results show a direct impact of the initiatives we have put place last year and in prior years, which bodes well for the future.
"Specifically, we re-platformed our website and tailored our warehouse and despatch to facilitate a greater e-commerce focus. When COVID hit and many consumers "went online" we were uniquely well placed to meet their needs. We quadrupled our e-commerce business.
"We are very thankful that the team at Farrow & Ball has done an exceptional job in keeping everyone safe and healthy throughout this period and at the same time delivering the best set of results in the brands 75-year history"
Farrow & Ball has key projects underway this year across all markets including the launch of its edit of colours with iconic British brand Liberty.
NOTE TO EDITORS
About Farrow & Ball
Based in Dorset, England, since 1946, Farrow & Ball is dedicated to creating paint and wallpaper using only the finest ingredients and richest pigments.
The result is a directional palette of paint colours with an extraordinary response to light and artisanal wallpapers with a tactile finish, uniquely achieved by printing paint on paper. Together, they transform homes of all kinds, inside and out, all over the world.
From the signature chalky matt of Estate Emulsion to the durability of washable Modern Emulsion, each high-performance finish is crafted with a blend of up to five pigments and a water base, creating an extraordinary depth of colour and a beautiful finish.
In addition to the curated Farrow & Ball palette of 132 colours, the Archive opens up the brand's full history of colours for discovery, creating a rich and diverse palette of jewel tones, soft pastels, classic neutrals, and bold brights.
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