Corgi Hosiery is investing £225,000 in extending its premises and acquiring a range of new machinery to meet the growing global demand for its products that will increase production capacity by 100%.
The investment, supported by £86,000 from the Wales Economic Growth Fund, has already created five new apprenticeships and will enable Corgi which is based in Ammanford to further extend its product range.
Corgi, a holder of a Royal Warrant since 1989, is an internationally renowned hosiery and knitwear designer brand with 70% of turnover exported.
Director Chris Jones, who runs the business with his sister Lisa Wood, said turnover has doubled over the past two years with brand recognition at an all-time high.
He said: “We have continued to invest in the site, acquiring new machinery to meet new orders and we are now at total capacity. Support from the Welsh Government’s Economic Growth Fund is vital for this extension to go ahead and its means we will be well placed to take advantage of a number of opportunities in the UK, the Far East and the USA.
“Our turnover is currently £1.6m and we anticipate we’ll reach the £2m milestone this financial year followed by on-going annual increases.”
Economy Minister Edwina Hart, who recently visited the Corgi factory, said: “Corgi is a made-in-Wales iconic brand and I am delighted to see it is expanding its operations and increasing its exports around the world. I am also pleased Corgi is benefiting from our international trade support programmes to grow its existing business in countries like Japan and make inroads into new markets like Korea.
“The Economic Growth Fund was established to support companies like Corgi to expand, create new jobs and increase exports and continues to support business growth across Wales.”
The investment involves the purchase of new machinery, extending Corgi’s existing premises and renovating an adjacent building to provide additional manufacturing space and a distribution centre for on-line sales. It will create six new jobs and safeguard six jobs. Corgi currently employs 54 people.
Corgi makes an extensive range of hosiery, including hand knitted cashmere socks and on the knitwear side it collaborates with some of the world’s best known designer labels including Ralph Lauren, Thom Browne, Givenchy and Burberry.
The company has benefited from international trade development support from the Welsh Government helping to expand sales in Japan and Italy and embark on new markets in Korea.