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Van de Velde on a growth track, new management takes charge

By Prachi Singh

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Management |REPORT

Consolidated turnover at Van de Velde rose by 5.3 percent in 2015 from 198.4 million euros (218.5 million dollars) to 209 million euros (230.2 million dollars). On a like-for-like basis including comparable deliveries, consolidated turnover was up 5.7 percent.

Meanwhile, the company has announced that the new management would take charge in 2016 as CEO Ignace Van Doorselaere has decided to leave the company.

Growth across segments boost turnover

The company said that this turnover growth consists of 6 percent growth in wholesale turnover and growth across lingerie, beachwear and stayers segments. However, there was a fall in retail turnover at Rigby & Peller USA (former Intimacy) by 9.7 percent and 9.8 percent on a like-for-like basis in local currency.

Due to the strengthening of the American dollar against the euro, retail turnover in euro was up 7.2 percent. In Europe retail turnover rose on a like-for-like basis by 5.8 percent, due to like-for-like growth in Germany of 7.1 percent and the Netherlands of 5.7 percent.

Consolidated REBITDA was 61.9 million euros (68.1 million dollars), 7.3 percent higher than the previous year. On a like-for-like basis including comparable deliveries, REBITDA rose by 8 percent on the back of strong turnover growth in wholesale, higher gross margin in wholesale due to a positive price and currency impact as well as lower stock depreciation.

New management to take charge

In 2016, new management will be responsible for the global retail department. Ignace Van Doorselaere has decided to leave the company. “I have the utmost confidence in the current strategic course, the 2016 results and the initiatives that have already been prepared for the long-term future of Van de Velde. For me, for other reasons it is time for a new horizon,” he said.

The company expects the positive growth to continue in 2016 with the orders for Spring/Summer 2016 higher than in 2015, further growth potential in swimwear. In Europe and the United Kingdom retail entered the New Year with modest growth, but the relaunch in the United States has not yet broken the trend.

For the financial year 2015 the Board of Directors will propose to the General Meeting of Shareholders a total dividend of 3.5000 euros (3.86 dollars) per share (net dividend of 2.5820 euros (2.84 dollars) per share).

Van de Velde