Cosabella Sales -26.4%

Aubade, Cosabella and Calida lingerie illustrating the Calida Group annual report for 2025. 

Calida Group 2025 net earnings fell on lower sales, with the biggest sales drop at the company’s recently acquired Cosabella brand. Cosabella suffered a sales decline of 26.4% compared to 2024, while sales at the long held Aubade brand were down 8.6%, and sales for the Group’s largest brand, Calida, fell 3.4%.

The company as a whole had net earnings of 10.988 million Swiss francs (about $14.3 million at current exchange rates) on sales of 215.894 million Swiss francs (about $280.6 million), compared to a net profit of 14.905 million Swiss francs (about $19.4 million) on sales of 231.042 million Swiss francs (about $300.3 million) in 2024. 

The Cosabella brand reported sales of 12.783 million Swiss francs (about $16.6 million) in 2025, compared to 17.374 million Swiss francs (about $22.6 million) in 2024. E-commerces accounted for 12.734 million Swiss francs (about $16.6 million) of the total. Calida complained that the decline at Cosabella came “despite non-U.S. direct sales to consumers having been controlled by the brand since May 2025. Consumer sentiment in the U.S., including in combination with the U.S. trade policies, explained some of the decline in sales. Other factors – missteps in past years, particularly those prior to the acquisition by Calida Group, and the deliberate decision to forgo unprofitable sales – also weighed on the result. Cosabella has been fully repositioned over the past two years and, as of 2026, will for the first time once again offer a product lineup that fully reflects the brand’s DNA, supported by a functioning supply chain. In parallel, the organization of the entire brand is being streamlined to become leaner. These measures are expected to bring Cosabella close to operational break-even during the course of 2026, thereby enabling a strategic review. Independently of this, arbitration proceedings with the sellers are pending regarding the assessment of different understandings related to claims and obligations in connection with the sale and purchase agreement.”

In mid 2022 Calida announced it acquired Cosabella from the Campello family  for “a total package of $80 million including earn out,” and reported that the brand has 2021 sales of  “$29 million and an EBITDA of $4.8 million.” It went on to state at the time of the announcement that “in the last five years, Cosabella reached an average annual sales growth of +22% (CAGR 2017-2021) and an EBITDA margin of 16.1% in 2021 (EBITDA margin Calida Group 2021: 10.6%).”

Sales for the Aubade brand were 57.991 million Swiss francs (about $75.4 million), down from 63.459 million Swiss francs (about $82.5 million) in 2024. Calida explained that “consumer sentiment in France remained weak in the second half of 2025. This impacted retail and wholesale business, in particular, though wholesale revenue trended higher in the second half of the year. The decline in sales reflects the anticipated return to more normal levels in the wake of the “COVID bubble” and strategic elimination of unprofitable sales channels. Online sales performed well following the e-commerce platform migration, with Aubade reporting an increase in revenue. As a direct consequence of our Operational Excellence strategy, Aubade was able to grow its operating contribution margin by 1.5 percentage points compared to the prior year. At Aubade, our ambition for the future is to gain market share in the premium segment, by strengthening the brand’s positioning and intensifying our communication.”

Calida also noted that “in its 20th year in the Calida Group portfolio, Aubade successfully set the course for a re-branding and for strengthening its positioning in the premium segment, with Claire Masson as the new general manager along with further personnel changes, including in product development, marketing and sales. Also, further progress was made in establishing additional export markets, notably in the U.S., and in stepping up strict cost management, although the tariff policies posed a challenge, especially for the brand’s U.S. business.”

The Group’s Calida brand generated sales of 145.120 million Swiss francs (about $188.6 million), down 3.4% from 2024 sales of 150.209 million Swiss francs (about $195.2 million). The company explained that “while brick-and-mortar sales declined, Calida’s e-commerce business performed well, especially in the second half of 2025. The Christmas season again contributed to a positive second half of the year, as in prior years, and saw the brand gain further market share. Moreover, Calida entrenched its positioning in the premium segment, including by reducing the average discount rate in the Calida online store by more than 3.0 percentage points and completing the makeover of twelve Calida stores. More store upgrades are in the pipeline for 2026. The Calida brand increased its operating contribution margin by 0.6 percentage points in the reporting year by expanding its gross margin and through further cost optimization. Additional measures such as planning efficiency, leaner processes, procurement optimization and complexity reduction in product development will further improve the operating contribution margin over the next two years. The spring/summer 2026 collection marks an important milestone in updating the product line, a journey to be continued with the fall/winter 2026 collection and beyond. Given the lead times involved in moving merchandise from the product development stage to the point of sale – a process that can take up to 18 months – but also due to the habits of our customers, such changes take time. In our 360-degree communication, we have made headway on our digital content and will continue strategically developing it. The next step now is to increase our digital reach. Calida’s updated product line and digital communication will allow the brand to gradually extend its reach to also appeal to a younger clientele. Another highlight is the improved quality of our inventory management: Warehouse levels were further optimized without compromising on product availability. In addition, a rigorous cost management has kept profitability firmly and deeply in positive territory at the Calida brand, and important management roles in product development, marketing and operations were filled with proven specialists.”

Calida Group reported that total “net sales to third parties 2025” in the U.S. in 2025 were 16.053 million Swiss francs (about $20.9 million) compared to 20.897 million Swiss francs (about $27.2 million) in 2024.