British brand founders sell house to reinvest back into the brand.
Andrea Maine and David Maine, the husband-and-wife team behind jewellery brand Chrysalis, have reported further growth for their bracelet collections with expansion into Ireland, the Caribbean and Puerto Rico.
Having experienced a boom in growth in the US market in 2013 with its collection of charm bangles, Chrysalis is aiming to replicate this success in the UK and Ireland this year, with plans to showcase its brand new lines at Jewellery & Watch Birmingham next month.
Andrea Maine said: "We have taken on 48 representatives in the USA covering all states, as well as the Caribbean and Puerto Rico, so we will be opening more than 1,000 doors this year.
"Chrysalis has become one of the hottest selling brands in the USA and readers of [US jewellery trade magazine] Instore Mag have voted us their top selling brand alongside brands such as Rolex and Pandora. We have also just received orders from Loris Gifts, one of the largest retail stores in USA which has more than 500 shops. They are rolling out the Chrysalis bangles to their stores across USA, starting with big launch event in Florida for Valentine’s day."
The brand is now offering shop-in-shop packages for its US customers, and for the UK has created £10,000 shop-in-shops that are made from biodegradable board, designed to fit any size of store or countertop. The board can also be printed with the retailer’s own logo or branding.
"The Irish team are having an amazing susses with retailers reporting great sell through," Maine added. "The rise of our UK team [is clear]. They are opening accounts across the UK and are aiming at retail jewellers and boutiques, with top retailers committed to open accounts in 2014."
Due to this huge growth Andrea Maine and David Maine, the brand’s directors, recently sold their house for £835,000 and have raised finance from their family, altogether totalling more than £1,000,000. The money will be used to invest in stock and to build inventory levels to meet the reorders and new customer orders.
According to Maine, the company will increase its revenue at least ten-fold in 2014.
"By supporting our customers with POS and campaign imagery we are achieving fantastic sell-through and are growing the brand throughout the country," Maine said. "Chrysalis is the hottest concept brand at the NEC with its expandable mechanism which fits everyone and the ability to stack up [the bracelets]."
The company now operates with more than 700 stores in the US and says it is opening new accounts every day.