Panache tops £32m turnover ahead of expedition brand launch
Luxury cruise retailer Panache Cruises has topped £32 million in turnover for the last 12 months, representing a year-on-year increase of 71 per cent
It comes as the Chorley-based business prepares to launch a new expedition cruise brand specialising in destinations such as Alaska, Antarctica, the Arctic and the Galápagos Islands.
CEO and founder James Cole predicted the majority of the company’s future growth will come through Panache Expeditions, which goes live on Thursday (1 May).
“We’re on a mission to become the world’s largest luxury cruise retail business,” he said. “The market is growing exponentially and we think Panache Expeditions will generate £10m+ of annual revenue in the next three to five years.
“We’re just over a month away from the end of our financial year and all the indications are that we’ll reach £33m turnover by the end of May, although we’re definitely not complacent.”
Anna Perrott, partnerships director at Panache Cruises, said the new brand will “combine luxury with adventure”.
“More cruise lines are investing in expedition ships and it is a massively growing sector,” she added. “We’re seeing our customers becoming more adventurous and wanting experiences that bigger ships simply can’t provide.”
“We believe we can become market leaders in promoting far-flung destinations and bringing more new to cruise customers. Expedition cruising can be extremely complicated when booking and we want to make this as easy as possible for people by creating informative and engaging content.”
Panache Cruises, which employs 58 people in the UK and 10 in its recently-opened US office, has amassed more than $10m in sales since launching in America and predicts its US sales will exceed those in the UK inside three years.
