Waterford moves into direct marketing

Waterford Wedgwood has acquired the assets of the Irish-based Cash's and Shannon direct-marketing business for €22

Waterford Wedgwood has acquired the assets of the Irish-based Cash's and Shannon direct-marketing business for €22.04 million.

The move is seen as a way of overcoming Waterford's over-reliance on department store chains - especially in the United States.

Cash's and Shannon are long-established mail-order businesses, selling mainly gift products. Waterford will pay €5.5 million in stock and €16.54 million in cash, of which €7.56 million has been deferred until January 2003.

Mr Redmond O'Donoghue, Waterford's chief executive, said with more consumers shopping from home, the need for direct marketing had become more apparent.

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"We believe that this is a good time for us to get closer to our final consumer in America which we already do through our own retailing activity," he said. Waterford operates 38 shops in the United States with sales of around $50 million.

Waterford recently launched a shopping website waterford.com as part of its direct marketing strategy.