Le Tanneur & Cie continues to decline

By

Sarah Ahssen

Published
Feb 2, 2015

For its 2014 financial year, leatherwear group Le Tanneur & Cie posted sales of 55.9 million euros, down 5.6% from the previous year (-5.4% at a constant scope).

For 2014, Le Tanneur & Cie’s turnover in France stood at 52.4 million euros, down 4.5%. Internationally, the fall was by 19.5% to 3.5 million. It is worth noting that its fourth quarter ending on December 31, 2014 ended with a 7.9% sales decline at 16.1 million euros. 

With its own brands (Soco, Le Tanneur...), the group recorded a 4.9% sales decline over the course of the year at 26.9 million. The group attributed the decline to the continuing economic crisis, which particularly affected the sales of women’s bags at the end of the year. 

Le Tanneur’s primary brand remained almost stable at -0.8% over the year, while Soco, meanwhile, suffered. 

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There is good new, however, from Le Tanneur’s store network. Over the whole of 2014, its stores recorded a 0.8% increase in their sales at 15.3 million euros. In France, its network even saw sales increase by 1.1% to 14.7 million. Also significant: the 7.6% increase of annual online sales as well as the 9.1% increase for its outlets.

At the end of 2014, Le Tanneur’s store network included 54 points of sale: 31 directly-managed stores (including 7 outlets), 20 affiliated stores (one in Luxembourg), 2 franchise stores in Algeria, and its website. 

Its wholesale business in France and abroad fell by 11.5% (-10.3% LFL) to 11.6 million. However, in December, its corner in the men’s section of Paris' Printemps Haussmann saw a 50% spike in revenue. This stand was remodeled in September, employing a new concept conceived by the designer Christophe Pillet’s agency. 

Finally, its manufacturing business for luxury labels declined by 6.3% to 29 million euros. 

For its current fiscal year, the group plans to reduce its marketing expenditures in order to invest more in store remodeling. The group also aims to expand its wholesale business in Asia and Africa.

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