Danish jewellery brand Sif Jakobs has announced that its subsidiary company, International Accessories, has gone into voluntary liquidation as part of the jewellery brand’s business strategy.
International Accessories, the original trading name of Sif Jakobs Jewellery in Denmark, has gone into liquidation with all assets transferring to a new company, Sif Jakobs Jewellery.
The aim of the consolidation is to focus the brand on its two most successful international markets - the UK and Ireland, and Germany. According to the brand, the emphasis will be to grow business further in the UK.
According to an official statement from Sif Jakobs’ chief executive officer Søren Dahl, the company’s profitable activities are now being driven to Sif Jakobs Jewellery.
Dahl said: “We have during the last couple of years grown our businesses by more than 40% LFL annually. We now need to dedicate our capital and management to the part of the business which is the most profitable, partly in order to financing our growth and partly in order to be more profitable. Sif Jakobs Jewellery is strongly represented in the Nordic markets and the brand has in recent years taken large market shares in UK and Germany. We now want to focus our efforts on those markets and spend one to two years where we will consolidate our businesses before launching new markets.”