Van de Velde's turnover drops because of American branch

For the first time in 19 years, lingerie manufacturer Van de Velde has seen its turnover drop: compared to 2015, turnover went down 1.1 %, mainly because of American Rigby & Peller’s weaker performance.

20 % drop in the United States

2016’s total turnover reached 206.6 million euro, which would have been a stable turnover had it not been for the exchange rates. Van de Velde generates most of its turnover in wholesale and that segment managed a 3.4 % turnover increase, on top of excellent European retail activities, which grew 3.5 % on a like-for-like basis.

However, its performance in the United States stands in stark contrast to the European growth: US turnover dropped an astonishing 20.2 %. Back in 2007, the company acquired Rigby & Peller (then known as Intimacy), but did not manage to bring the chain back to its previous stature. After its rebranding into its most well-known brand, Rigby & Peller, and several store closures, Van de Velde now only has 12 stores in the United States.