IG Design Group, well known in the UK for its own brand greeting card and giftwrap prowess, has just raised another £120 million through an additional share placing (which was oversubscribed).
The extra funds are being put to good use, providing cash to acquire CSS Industries (a US-based designer and manufacturer of craft, seasonal and gift products) plus provide extra capital for future expansion.
“As well as doubling the scale of our US business, the combination of CSS and Design Group further strengthens our position as the global leader in consumer gift packaging and establishes us as a major supplier to the creative craft market,” commented Paul Fineman, ceo of the AIM-listed IG Design Group.
Paul Fineman confirmed to PG Buzz recently that greeting cards have not only been “a strong growth area” for IG Design Group, but revealed that the product category has been earmarked as holding future expansion potential too. Paul stated that the group’s greeting card sales have increased “consistently for the last five years.”
IG Design Group includes its greeting card sales as part of its Celebrations business. “Sales from our Celebrations side are up 20% and greeting cards represent 17% of this part of our business. So far, so good!” confirmed Paul at the end of 2019.
The company has recently expanded its business with Aldi, whereby IG Design Group is supplying over 400 of the value grocer’s stores in the UK with a bespoke selection. It also creates and supplies bespoke single card selections for B&M, Poundland and Wilko in addition to supplying many other leading UK retailers with own brand wrap and boxed card products.
“We have a fairly niche position on cards in that we very much cater for the discount and value market, not just in the UK, but overseas too,” explains Paul.
While the US remains the largest card market for the group, Paul also feels there is more growth potential in the UK.
Top: A selection of Christmas products produced for the UK market by IG Design Group.
