London art and antiques dealership Mallett have announced an improved performance for the year ending December 31, 2013.
Mallett saw an increased turnover of 16% to £11.8m (up from
£10.2m in 2012) and a reported profit before tax of £500,000, an
increase from 2012's pre-tax loss of £100,000.
Figures were mainly boosted by strong sales in the first half of
the year for Mallett US and resulted in a sales total of £6.8m, the
second highest from the US showroom since it opened in 2003 and
over double that of 2012, which was £3.1m.
As a result Mallett have decided to retain the New York showroom
in its entirety to "maximise potential in the US market", reversing
last year's announcement that it would close as part of
"Our strategy of targeting new geographical areas has proved
successful with sales in China of over £1m in the year [in 2012 it
was £100,000]," said company chairman Lord Daresbury. "The
recruitment of a local agent in Hong Kong plus targeted visits by
our chief executive has proved successful in promoting the Mallett
brand to the right client base in China."
The firm also now intend targeting Brazil and the Middle East
through recruiting local agents to promote the Mallett brand.
They are also developing a new, multi-lingual website, which
will include articles by experts on the decorative arts and
individual aspects of the market, as well as hosting online
Chief executive Giles Hutchinson Smith said the decorative arts
market, "particularly the antiques furniture market", is having to
re-adjust to the new global sales arena.
"[Mallett's] strategy has therefore had to change in order to
continue to deliver the business model that has been successful for
over 100 years.
"At the top end of the market where Mallett operates, it is
essential to maintain a top-quality showroom environment in which
to showcase our stock, but we also need to extend our reach to new
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