The parent company of Chupi has reported significant financial losses for 2023, alongside a reduction in workforce numbers. New financial filings reveal losses of €1.96 million for the year, marking an increase from the €1.3 million loss recorded in 2022.
Directors of the Dublin-based company, led by Chupi Sweetman and her husband Brian Durney, confirmed accumulated losses at Blazenvale had reached over €2.8 million by the end of 2023.
Ms Sweetman previously described the 2022 losses as planned investments in marketing and branding. During this time, the company opened a flagship store on Dublin’s Clarendon Street in late 2022.
Staff reductions have accompanied the financial difficulties, with Blazenvale’s workforce decreasing from 54 employees in 2022 to 49 by the end of 2023. Correspondingly, staff costs declined from €2.2 million to €1.7 million during this period.
Directors’ Commentary on Business Viability
In a note accompanying the 2023 accounts, the directors affirmed their confidence in the company’s status as a “going concern.” They cited ongoing evaluations of funding levels, income, and projected results through at least November 2024. However, they acknowledged the potential need to reduce operational activities should financial performance not improve.
Chupi’s financial difficulties reflect the challenges faced by luxury jewellery brands during expansion, particularly in a competitive market. For jewellers, the situation demonstrates the potential financial risks of significant investment in rebranding and international growth.
