IG Design Group, the AIM-listed business, which includes greeting cards as part of its Celebrations portfolio, has good reason to celebrate, with group turnover having grown by an impressive 40% in its last financial year (to 31 March 2021) taking it to $873.2 million (up from $624.3 million in 2020). However, around the DG International group, the UK was the most significantly impacted by Covid-19 with revenue down 14%.
While IG Design Group’s turnover increase was driven primarily by the full year effect of its timely acquisition of craft and creative business CSS, the group’s Celebrations sales were significantly up.
Celebrations accounted for 60% of the group’s turnover, ($521.6 million), up on the $469.3million it achieved the year previous, with greeting cards and giftwrappings very much part of this.
“Greeting cards have been one of our strongest performers. We are on course to publish 350 million greeting cards this year,” Paul Fineman, ceo told PG Buzz citing significant growth in spring seasons. “These are no longer minor seasons for us. Sell through of Easter cards, for example doubled.”
Bolstering the group’s presence in the premium greeting card sector has been its acquisition of the NIQUEA.D brand, which was founded by Dominique Schurman (former managing director Clinton Cards and ceo of Schurman Retail Group). Dominique has also joined the group as vice president of the NIQUEA.D branded area.
Having debuted in the States, Paul told PG Buzz that the plan is to expand the NIQUEA.D brand in the UK too, initially focusing on greeting card and other paper products.
The group’s commitment to sustainability has gained ground over the last year. “Notable achievements in 2021 include plastic-free gift wrap packaging being rolled out to key customers in the UK, as well as the group working with leading retailers of the world, such as Walmart, to reduce plastic packaging on our products in the US,” said Paul. He also cited the successful debut of the
Eco-nature brand of greeting cards, wrappings and stationery which launched in Tesco over the last year.
Paul confirmed that one of the group’s ambitions is to extend its offering “in existing and adjacent categories including cards, party, home accessories, gift, craft & creative play and toys.”
The group ambitious growth path, with acquisitions very much on the agenda, but these are likely to be of sizeable companies.
“Looking ahead, whilst the Group continues to remain cautious about the ongoing effect of Covid-19 and its associated impact on raw material and freight pricing, we are extremely encouraged by the resilience of our diverse customer base and our broad product portfolio, with our orderbook for the 2022 financial year already over 60% of our 2022 forecast,” summed up Paul.
Top: Dominique Schurman, founder of the NIQUEA.D brand.
