Cyril Walsh, owner of a fashion accessories chain recorded a loss of more than €1.5 million in 2006 in spite of average sales worth €39.5 million.
Mr Walsh opened Dynasty in 1989 and much later came up with Sasha fashion chain in 2004. The latter cost him more than €10 million but with growing competition from street shops, its profits got substantially reduced.
Besides, Sasha fashion also faced stiff competition from international retail accessory brands like H&M and Zara that took charge over the Irish markets that were earlier dominated by the company.
However, Dynasty group is planning to counteract the effect of the losses by selling leases on non-core outlets and introducing a new range and line of clothing concession to target the youth audience. Besides, it has also contracted with new suppliers and adapted an altered marketing and promotional strategy.
By the end of 2006, the company could only procure a total of only €3 million while it had to suffer a debt of €6.7 million.
marketing@alchempro.com
