New Irish platform to boost fashion and beauty brands

Ireland’s premium goods sector has taken a significant step onto the global stage with the launch of a new luxury brands platform founded by Galway entrepreneur Ashley McDonnell. 

VYKO Group aims to unify and scale Irish high-end brands across fashion, beauty, jewellery, food and premium consumer goods, and address long-standing structural challenges that have limited their international growth.

The group plans to raise €50 million by the end of 2026 to fund its initial acquisitions, and the company’s ambition is to build a national platform capable of competing with established international luxury conglomerates while allowing Irish brands to retain their identity and independence.

Although the global luxury market is estimated to be worth €358 billion, Irish premium brands have traditionally struggled to expand beyond domestic or niche markets.

Industry observers point to fragmented distribution networks, limited access to capital and the absence of a coordinated group structure as key barriers.

VYKO aims to tackle these issues through a centralised model combining funding, shared operational infrastructure and global distribution capabilities.

Speaking at the launch, McDonnell (pictured above) said the company was designed to unlock the untapped potential of Irish brands.

She described the initiative as a way to create a scalable ecosystem that supports international expansion while keeping ownership and long-term value within Ireland.

The group has assembled an advisory network spanning luxury, finance, technology and global markets.

Among them is private equity specialist Alexis Delannoy, who highlighted how countries such as France have successfully built large-scale luxury groups that drive employment, exports and economic growth.

“France’s ability to financially structure luxury groups that employ hundreds of thousands of citizens, manufacture products locally and export goods globally has been instrumental in dominating the European market capitalisation and strengthening the country’s economy,” he said. “Ireland’s answer to this is VYKO.”

The company is targeting key international markets, including the United States, the Middle East and China.

It has already reviewed more than 500 Irish brands, entered discussions with over 35 and is progressing several acquisition deals.

The business will adopt a technology-led operating model aimed at accelerating revenue growth across its portfolio.

This approach reflects McDonnell’s background, which includes senior roles in luxury and technology firms in Paris, Dublin and Geneva, where she worked on digital and e-commerce strategies.

The company’s first hire, Dublin native Laoise O’Connell (pictured above), brings experience from major global fashion houses and will help shape the group’s development.

She said VYKO would provide the “home” Irish luxury brands have lacked when trying to scale internationally.

“We are building a culture-first, digital-forward conglomerate that will finally give Irish luxury the global platform it deserves,” she continued.

“What we lacked in Ireland before is the house to support key Irish brands globally.

“VYKO Group is now that home.”

The launch comes amid growing global demand for distinctive, high-quality products and presents a potential opportunity for Irish businesses to strengthen their presence in the competitive luxury sector.