Van De Velde Profit Down 8.7% In 2023

Van de Velde, parent to the Rigby and Peller, PrimaDonna, Marie Jo and Andres Sarda brands, reported an 8.7% dip profit on combined revenues that were almost exactly the same as last year.

Profit for the Belgium-based firm was 33.6 million euros (about $36.4 million at current exchange rates) on revenue of 211.3 million euros (about $228.7 million) in 2023, compared to a profit of 36.8 million euros on sales of 211.7 million euros in 2022.

In 2023, revenue from the “D2C segment” grew 11.5% to 48.0 million euros (about $51.9 million), from 43.1 million euros in 2022. Van de Velde defines the D2C segment as “sales realized at retail price. Today, this concerns the business from our own store network, our own websites and the concession sales in department stores and marketplaces.”

The company revealed that “in the first half of the year, we still experienced a sales growth of 4.3% driven by the resurgence in swim sales. This growth outpaced lower lingerie sales due to high inventory levels with our retail partners at the end of 2022. In the second half of the year, sales ended at 89.6 million euros, down 4.6% compared to the second half of 2022. Characteristic of the slow recovery of retail traffic in 2023.”

In other news the company stated “in 2024 we reposition the Andres Sarda brand following a thorough and extensive preparation period initiated in 2022. Since its creation in 1962, Andres Sarda has been renowned for its visionary and pioneering designs. Thanks to a revitalized and strengthened strategy, the brand’s DNA comes even more alive. The brand addresses a target group seeking easy-to-wear lingerie that makes a fashion statement. To reinforce the repositioning, the name Andres Sarda transitions to Sarda. Pre-sales started in January, with the official launch scheduled for the second half of 2024.”

Van de Velde also noted that “the conflict between Ukraine and Russia has no direct impact on Van de Velde. The ongoing geopolitical turmoil does affect consumer confidence.” ­— NM