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iFabric Earns $437K On Record Sales Of $15.9M


(Filed Under wholesale Lingerie News). For the fiscal year ended September 30, iFabric earned 596,986CAD, Canadian dollars, (about $437,000 at today’s exchange rates), on record annual revenue of 21,642,761CAD (about $15.9 million). The company produces intelligent fabrics as well as adhesive bras, other intimates and apparel.

As a result of a change in the company’s financial year to end on December 31, iFabric will next report audited results for the fifteen months ended December 31, 2023.

“2023 delivered strong results, despite the realignment of deliveries to retailers due to current economic conditions,” declared CEO Hylton Karon. “The encouraging growth with new customers and programs, speaks to the dynamic products we supply across a diverse customer base. With the production cycle timing required to design, manufacture, ship and distribute, our current order book outlook sets up 2024 to outperform even these historic numbers.”

At the company’s Intelligent Fabric Division revenue increased by 11% or $1,354,542CAD to $14,013,449CAD (about $10.3 million) in 2023 from $12,658,907 in 2022, “attributable to new swimwear programs in Canada.” At the company’s Intimate Apparel Division, revenue increased by 9% or $614,795CAD to $7,591,416CAD (about $5.6 million) in 2023 from $6,976,621 in 2022, “as a result of increased sales in Canada.”

In other recent news, the company signed a lease for about 5,000 square feet of office space for its management and administrative personnel in Markham, Ontario, in a building near its current head office and warehouse location. “After the move, the current company owned building located at 525 Denison Street, Markham, Ontario, which currently comprises a mix of warehouse and office space, will be fully re-purposed as warehouse space,” according to the company. “iFabric’s personnel will be occupying temporary space at the new location, until such time as the required leasehold improvements to its new premises have been completed.”

Karon noted that “the move of our administrative staff was necessitated by the need to house a substantial amount of new inventory in respect of a number of new Canadian apparel programs commencing in the latter part of fiscal 2023.”

iFabric is listed on the Toronto stock exchange and, currently has 30.3 million shares issued and outstanding. The Intelligent Fabric division is “focused on development and sale of high-performance sports apparel, medical protective apparel, consumer protective apparel, and proprietary treatments that provide “intelligent” properties to fabrics, foams, plastics, and numerous other surfaces, thereby improving the safety and well-being of the user. Such intelligent properties include antiviral and antibacterial characteristics, water-repellence and UV protection, among others,” according to the company. The Coconut Grove division is “a designer, manufacturer, distributor, licensor and licensee of ladies’ intimate apparel products and accessories,” which includes adhesive bras and products under the Maidenform license. — NM


more wholesale Lingerie News >>

Published 11-25-2023 by Nick Monjo

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