Belgian fashion group FNG continues its impressive growth despite a struggling market. The owner of chains like Brantano and Miss Etam saw both turnover and profit go up in the first six months of this year.
"Rewards for vertical integration"
The first half of 2019 saw FNG's turnover go up 8.8 % to 273.2 million euros. The group's best selling chain was Brantano (28.7 % of total turnover), Miss Etam brought in 19.8 %. The rest came courtesy of smaller brands, like CKS, Claudia Sträter or Fred & Ginger.
FNG's adjusted EBITDA went up 13.7 % to 28.5 million euros: here too Brantano (+ 9.2 % to 6.3 million euros) and Miss Etam (+ 30,6% to 3.2 million euros) were the main contributors. The group's total net profit went up no less than 31.2 % to 7.4 million euro, as economies of scale and synergies paid their dividends.
CEO Dieter Penninckx is satisfied: "FNG reaches a yearly turnover of 534 million euros and confirms its adjusted EBITDA level of over 10 % for the wole group. This was possible by focusing on digitising and on a thorough vertical integration, and by building and rolling out new retail concepts."