Jun 1, 2023
Adolfo Domínguez drives its expansion with the opening of 14 stores, including its first one in Dubai
Jun 1, 2023
Adolfo Domínguez is boosting its expansion with the opening of 14 new stores in the first quarter of the fiscal year, as announced by the CEO of the fashion company, Antonio Puente, at the shareholders' meeting held in San Cibrao das Viñas (Ourense).
Specifically, the clothing brand has opened 14 new stores during this period, with 11 of them being located outside of Spain. These openings include the brand's first establishment in Dubai, born out of a recently signed agreement with Chalhoub Group, as well as new spaces in Mallorca, Lisbon, Cyprus, Panama, Paraguay, Ecuador, Bilbao, Valladolid, Melbourne, and Léon in Mexico.
Furthermore, the executive explained to the shareholders that the improvement in profitability in the last fiscal year is reflected in a year-on-year increase of 13 million euros in earnings before interest, taxes, depreciation, and amortization (EBITDA). "Over the past six years, we have tripled our online sales, and our international network now represents 57% compared to the 45% it represented in 2017," he stated.
On the other hand, the fashion brand noted that its largest growth is occurring among its younger customer base, who already represent one in every four new customers acquired during the 2022/23 fiscal year.
Customers aged 18 to 34 purchasing items from the brand's designer fashion line account for 11% of new additions, while those aged 35 to 44 represent 15% of new customers. The greatest increases in the younger demographic are seen in men's fashion, where new customers have doubled compared to the previous portfolio, reaching figures of 19% of buyers between 35-44 years old and 13% between 25-34 years old.
During the shareholders' meeting, Adriana Domínguez, the company's executive president, revealed that the total customer portfolio of the company has increased by 10% in one year.
"Increasing the number of our younger customers is the best indicator of the transformation we are undergoing. I believe it is the result of our investments in innovation and our connection with a new generation," she explained.
Furthermore, the company's shareholders have endorsed the management and financial statements of the fashion firm at the general shareholders' meeting.
They have given their "green light" to a maximum remuneration of €427,000 for the members of the board of directors for the upcoming fiscal year, ending on February 29, 2024, as reported by the company to the National Securities Market Commission (CNMV).
Additionally, Mazars Auditores has been appointed as the company's auditor for the fiscal year that began on March 1, as agreed upon during the shareholders' meeting.
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