Van de Velde’s 2016 European sales grow while USA slumps
Belgian lingerie group Van de Velde has recorded positive results in Europe for 2016, especially given the general economic situation, though the USA remain a sore point. The initial report for the 2016 fiscal year shows the medium and high-end lingerie specialist, owner of the PrimaDonna, Marie Jo and Andres Sarda labels, reaching a global revenue of €206.7 million, despite a shortfall in USA retail figures.
In like-for-like terms and at constant exchange rates, Van de Velde actually reported a 1.2% growth, but the consolidated figures are altogether stable.
Specifically, the wholesale business performed positively, growing by 3.4% in a flat market. On the retail side, chiefly for the Rigby & Peller label, the results show a 3.5% increase in Europe but a markedly different US performance (-20.2%). Results for the USA’s former Intimacy stores are in fact still negative, and caused many of the most unprofitable among them to be closed down, giving no positive contribution to the weak sales trend. When Van de Velde acquired the Intimacy chain in 2010, fifteen stores were in operation, and this year they are down to ten. Van de Velde will publish its full yearly results on 20th February.
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