British intimate apparel specialist Panache Lingerie has won the U.K.’s Queen’s Award for Enterprise in the export category.
Based in Sheffield, England, the family-owned company will be presented the award at Buckingham Palace this summer in recognition of the brand’s continued international growth.
The specialist of full-figure and full-busted bras in D-cup sizes or larger employs more than 200 people in New York, Germany, Hong Kong and its U.K. headquarters. Since 2007, the $40 million company has increased overseas sales by 427 percent, according to John Power, managing director of Panache Lingerie. He said 50 percent of sales are generated by exports, of which 60 percent is driven by North American business.
“This award comes with fantastic recognition and respect internationally as well as opportunities in new and existing markets. I am incredibly proud of the whole team and everyone involved. It’s a true testament to everyone’s hard work,” said Power.
Danny Power, director of business development for Panache, said, “Much of the success and reason for Panache being given the Queen’s Award for Enterprise has come from our growth in North America.
“I started our U.S. office in 2003, with very little money and very little strategy. We just relied on great product, the knowledge of the North American retailers, and the passion of our loyal and now long-serving sales team. And, for the record, we’re a little better on the strategy part now,” said Danny Power. “The recognition of our expansion is wonderful but there still is so much potential growth for us in North America and the rest of the world. We can become bigger and better as a company, and we intend on doing just that.”
The Queen’s Awards for Enterprise is an awards program for British businesses and other organizations who excel at international trade, innovation or sustainable development. They are the highest official U.K. awards for British businesses. Queen Elizabeth II confers the awards on her birthday every year on April 21.
Panache was founded by Anthony Power more than 30 years ago. The company, which sells its products in more than 53 countries, is now run by Anthony’s sons, John and Danny.