CoolCat experiences first turnover drop in 6 years | RetailDetail

CoolCat experiences first turnover drop in 6 years

CoolCat experiences first turnover drop in 6 years

Dutch clothing chain CoolCat's turnover dropped 5 % in 2015, compared to a year ago. Founder Roland Kahn's company mainly suffered in Belgium, where fewer customers visited its stores.

155 million euro turnover

In 2014, CoolCat's turnover reached 155 million euro (compared to 163 million euro the year before) according to the retailer's yearly report it presented to the Chamber of Commerce. Its operational result (ebit) dropped nearly 82 % from 16 million euro to 2.9 million euro.

 

The chain has 130 stores in the Netherlands, Belgium, France and Luxembourg. The Netherlands represent the bulk of turnover, with 105 million euro. The biggest turnover blow comes from Belgium however, where turnover dropped 13 %. It is a remarkable fact that total turnover dipped 5 % lower than in 2013, because the chain managed to grow its turnover between 2008 and 2013 despite the crisis.

 

Painful error from the Minister

According to Het Financieele Dagblad, CoolCat's turnover is the result of a painful error made by the Dutch Minister for Foreign Trade and Development Cooperation, Lilianne Ploumen. In 2013, she blamed CoolCat for not doing anything to improve working conditions in the Bangladesh textile industry. The accusation proved to be false, it turned out.

 

However, the harm had already been done: "We clearly see a sales drop internally. In December, sales dropped 8 % and we have seen it recover slowly, -5 % in January, -3 % in February, -1 % in March", Kahn reflected on that nasty period earlier this year.

 

Roland Kahn also owns store chains MS Mode, Sapph and America Today and the latter managed to increase its 2014 turnover 4 million euro to 55 million euro. MS Mode also managed a turnover increase, while there are no recent numbers for lingerie chain Sapph.

Questions or comments? Please feel free to contact the editors


Ahold Delhaize launches digital lab in the United States

22/05/2018

Ahold Delhaize’s American division will found a new company focused on digital innovation: Peapod Digital Labs will become a lab for new digital, eCommerce and personalization strategies. 

Carrefour forced to shut down hundreds of Dia stores

22/05/2018

Carrefour has not found a buyer for hundreds of its former Dia stores in France yet. That may force nearly 230 stores to shut down.

Carrefour and Tencent launch high-tech store in Shanghai

22/05/2018

The recently launched ‘Le Marché’ store formula, a first collaboration between Carrefour and Tencent, allows customers to pay with face recognition at unmanned checkouts.

Hoegaarden moves part of production to Vietnam and China

18/05/2018

Hoegaarden experiences strong growth in Asia, but is losing ground in Europe. That is why AB InBev will move part of the production to China and Vietnam: the brewery in Hoegaarden will lower cut its production days by 2 a week.

Holland & Barrett wants vegan stores

17/05/2018

British health chain Holland & Barrett (previously known in the Benelux as Essenza) plans to open completely vegan stores, a trend the chain needs to follow according to CEO Peter Aldis.

Nestlé on a diet: cuts back sugar, fat and salt levels

17/05/2018

Nestlé wants to lower its sugar, salt and fat levels to play into the global demand for healthier food.