Mayfair-based cosmetics brand Nails Inc enjoyed a healthy rise in revenues in 2018, supported by the launch of its Inc.redible makeup line and its private label business.
The firm, whose nail polish retail for £15 online, saw its revenue rise to £16.7 million in the year ended 30 June 2018, up from £13.7 million a year earlier. Gross profit margin stood at 54%, and profit for the year reached £0.3m from a loss of £0.1m in 2017.
Founded by former Tatler journalist Thea Green in 1999, the company said the year was marked by a change in strategy, moving away from high street retailers in favour of “brand enhancing” shopping destinations.
It closed most of its concessions in House of Fraser and Debenhams stores, but will continue to trade within luxury stores names such as Selfridges, Brown Thomas, Harvey Nichols and Fenwick.
In addition to nail polish, base coat and cuticle oil, the company has a makeup line called Inc.redible which had “robust growth” in sales throughout the year.
And further boosting its growth is its private label business, with a new licence for millennials created for Boots which launched towards the end of the financial year, and a further private label lifestyle brand experiencing “exceptional growth both in the UK and overseas”.