Van de Velde Profit -19.8%

Left, Marie Jo Swim Emly Padded Bikini Top Heartshape ($169) with matching Bikini Fold Briefs ($90); and right, Marie Jo Avero Heartshape Bra ($160) and matching Hotpants ($75) shown on the company website.

Van de Velde first half profit fell 19.8% to 15.8 million euros (about $18.3 million at current exchange rates) on 2.8% lower sales of 110.0 million euros (about  $127.7 million). Last year the company reported a profit of 19.7 million euros on total sales of 113.3 million euros.

Karel Verlinde, CEO of the company, which owns the Primadonna, Marie Jo and Sarda brands, as well as other labels and retail chains internationally, reported “the initial innovations within our brand portfolio, along with the expansion of the direct-to-consumer segment, are starting to yield results in lingerie. However, our EBITDA is declining, primarily due to lower pre-sales in swimwear, the disruption in the United States, and the planned investments in the repositioning of the Sarda brand.”

Sales for the company’s B2B segment declined to 80.4 million euros (about $93.3 million), from 85.0 million euros in last year’s first half, while sales for the D2C segment rose 4.8% to 29.7 million euros (about $34.5 million) from 29.3 million euros.

Van de Velde explained, “Our brand websites are performing strongly, supported by a data-driven approach in which digital campaigns are continuously optimized. This results in growth of the lingerie assortment across segments in our main markets, except for Germany, where the entire premium lingerie market was under pressure in the first semester. Growth in the D2C segment is further reinforced by geographic expansion and a greater presence on external marketplace platforms.” It continued: “Revenue in the B2B segment fell by 6.2%. The swim segment experienced a challenging semester: both pre-sales and sales in the first quarter lagged behind, partly due to high inventory levels. In the second quarter, however, sales picked up. Within the B2B segment, the IRP channel (independent retail partners) remains under pressure, but we continue to actively support our partners with targeted actions. At the same time, we are focusing more strongly on department stores, where, through renewed contracts, we are gaining greater control over the offering and brand positioning.”

The company concluded that in the U.S., where it has four Rigby and Peller retail stores as well a wholesale operation, “the months of April and May were particularly difficult.” Due to “import tariffs, we were forced for several weeks to significantly limit our offering. In the meantime, various measures have been taken, tariffs have decreased, and the full range is once again available.”