Following severe hardships in recent years, and with the help of a US$ 200 million rescue package from current chairman Dr. Tony O“Reilly, Morgan Stanley, and Fitzwilton, Waterford Wedgwood of Irelan…
Following severe hardships in recent years, and with the help of a US$ 200 million rescue package from current chairman Dr. Tony O“Reilly, Morgan Stanley, and Fitzwilton, Waterford Wedgwood of Ireland is now looking to expand. Waterford has 24% of the US$ 54 million Australian crystal market, with its secondary brand, Marquis, holding 8% and the recently acquired Stuart Crystal a further 14%. The United States, where nearly 65% of Waterford“s products are sold, represents the firm“s most important market. Waterford sales amount to more than 30% of the US$ 325 million quality crystal market. To capture a more youthful market particularly the bridal market, between 26 and about 36 years of age Waterford launched Marquis crystal, which is priced in the next segment below Waterford and is more contemporary in design. According to Waterford“s chief executive Mr. R. O“Donoghue, “people tend to think we“re like Rolls-Royce but we don“t want to be like Rolls-Royce. We want people to know that they can aspire to it so we have to dramatise to them that they can own it, perhaps only one piece now but more later on.” After a year in office, Mr. O“Donoghue is enjoying success. Waterford Crystal“s operating profit improved 13% to a record I 5.1 million in the first six months of 1996 on sales of I 61.5 million (compared with I 46.9 million in 1995), although the margin was reduced slightly to reflect the inclusion of Stuart Crystal, acquired in August 1995 for I 4.2 million.