East Flemish lingerie manufacturer Van de Velde has managed a 106.9 million euro turnover in the first part of 2014, a 10.3 % increase, despite American chain Intimacy weighing on the results.
Van de Velde's like-for-like turnover grew 9.1 % in the first semester while its wholesale turnover even grew 13.8 % in the same time frame, mainly thanks to a successful PrimaDonna Swim launch. The company had expected an 8 % growth and has therefore outperformed its own expectations.
Its subsidiary Intimacy dropped 22.7 % though, which the weak dollar-to-euro exchange will worsen even more. Intimacy's bad result will probably lead to an important devaluation when Van de Velde announces its full financial results on 29 August.
Ever since 2010, Van de Velde has held an 85 % majority stake in Intimacy, increasing its minority stake it had held since 2007. CEO Ignace Van Doorselaere had said in February the American chain had to turn things around as quickly as possible.