Under private equity ownership for over a year, the British luxury lifestyle brand is stepping up growth maneuvers.
In the age of computers and social media, old-fashioned pen and paper are still preferred by many for writing letters, thank-you notes, holiday and birthday greetings — at least according to Paolo Porta, chief executive officer of Smythson.
“You’d be surprised by how popular it is,” Porta told WWD. “Our stationery and diary sales are up, and have been consistently up over the last few years. There’s been a resurgence in handwritten thank-you notes or Christmas cards so it’s much more personal correspondence compared to an email that just lands in your inbox. We are also seeing people benefiting from our bespoke stationery services and creating their own thank-you cards or correspondence paper, that feels personal and unique.”
Smythson, founded in 1887 by Frank John Smythson in London, has entered into a growth phase spurred by Iconic Brand Co., a heritage luxury portfolio company controlled by private equity firm Oakley Capital. Considering Smythson’s relatively small size, at 28 million pounds last year or about $35 million to $40 million, there’s ample room for growth.
Best known for stationery, pens and diary books and, more recently, leather goods and accessories, Smythson returned to Madison Avenue with a shop in early October after a three-year absence. It’s Smythson’s only shop in the U.S., though the brand wholesales to Bergdorf Goodman and few independent retailers.
In Europe, Smythson opened a shop in Heathrow Airport in London last July, and there is a freestanding boutique on Sloane Street in London.
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