297
Fashion Jobs
H&M
Total Rewards Manager, Supply Chain
Permanent · TSIM SHA TSUI
H&M
Accounts Specialist
Permanent · TSIM SHA TSUI
ESTÉE LAUDER COMPANIES
Assistant Demand Planning Manager
Permanent · HONG KONG
ESTÉE LAUDER - BRAND
Retail Marketing Manager, Estée Lauder
Permanent · HONG KONG
CLINIQUE
Assistant Education Manager, Clinique
Permanent · HONG KONG
CLINIQUE
Senior Marketing Manager, Clinique
Permanent · HONG KONG
TOMMY HILFIGER
Senior Manager, Creative Services, Tommy Hilfiger Asia Pacific
Permanent · HONG KONG
AESOP
Retail Consultant
Permanent · SHA TIN
NEWELL
Senior Manager, Indirect Sourcing
Permanent · HONG KONG
L'OREAL GROUP
Group Product Manager
Permanent · HONG KONG
ADIDAS
Senior Manager, Materials Availability Management
Permanent · HONG KONG
L'OREAL GROUP
Assistant Purchasing Manager (Marketing, Digital IT)
Permanent · HONG KONG
PUMA
Manager Innovation Technical Apparel
Permanent · HONG KONG
DR. MARTENS
Head of Financial Accounting, Apac
Permanent · TSIM SHA TSUI
TJX COMPANIES
Director of Sourcing, Apparel -Hong Kong
Permanent · HONG KONG
A & F
Hollister CO. - Brand Representative (Part-Time / Full-Time), Hysan Place
Permanent · CAUSEWAY BAY
A & F
Hollister CO. - Brand Representative (Part-Time / Full-Time), Yoho Mall
Permanent · HONG KONG
A & F
Abercrombie & Fitch - Brand Representative (Part-Time / Full-Time), Harbour City
Permanent · TSIM SHA TSUI
KERING EYEWEAR
Kering Eyewear Assistant Trade Marketing Manager Travel Retail
Permanent · HONG KONG
JAEGER
Training Manager
Permanent · HONG KONG
L'OREAL GROUP
Retail And Education Manager
Permanent · HONG KONG
TORY BURCH
Senior Manager, Retail Training, Asia
Permanent · HONG KONG
Translated by
Benjamin Fitzgerald
Published
Sep 4, 2018
Reading time
2 minutes
Download
Download the article
Print
Text size

Van de Velde sees strong decline in first-half operational profit

Translated by
Benjamin Fitzgerald
Published
Sep 4, 2018

Since April, Van de Velde has been preempting a drop in its first-half 2018 results. After an initial profit warning, backed by the publication of its previsional results in July, the definitive figures have dropped.

The Belgian lingerie group, which operates brands Marie Jo, Prima Donna and Andres Sarda, finally announced that its revenues fell 3.9%, down 2.9% in comparable terms and 0.6% in constant exchange rates, to 114.2 million euros for the first six months of the year.

Van de Velde reported a heavy decline in earnings for the first-half of 2018 - Van de Velde


To explain the result, Van de Velde highlighted its wholesale operations, down 2.9% in comparable terms for the group's brands, despite the launch of its Marie Jo brand, which recorded strong results, according to the Belgian group.

"The reduction in the level of retail foot traffic, coupled with the changes in buyer behaviour, have had a negative impact," said Erwin Van Laethem, the group's CEO.  

The group's EBITDA recorded a 25.1% drop, falling from 35.5 to 26.4 millions euros. Again, the reason behind the drop was attributed to wholesale, as well as lower margins. 

The group also blamed unallocated costs, which increases to 2.3 million euros on the back of costs associated with the group's e-commerce platform. Net profit fell to 15 million euros, from 20 million euros last year, said the group.

"Van de Velde continues to invest in an evolutionary platform, with the view of future growth. These costs weigh on profitability in the short-term," said Bart Rabaey, CFO of Van de Velde.

Total investments in the first-half 2018 reached 7.7 million euros, all of which were financed by equity. 

Looking ahead, Van de Velde expects to see revenues "slightly drop" on a comparable basis, in addition to a "very sharp drop in profitability," on the back of its digital investments.

"Van de Velde chooses to keep making the necessary investments to make an evolutionary platform, which will allow us to pursue international growth," added Van Laethem.

Copyright © 2024 FashionNetwork.com All rights reserved.