Coolcat's losses compound | RetailDetail

Coolcat's losses compound

Coolcat's losses compound
Shutterstock

Dutch fashion chain Coolcat, part of entrepreneur Roland Kahn’s group, has not managed to lower its losses in 2016. On the contrary: its losses grew more than 50 % compared to the year before.

Loss grows, turnover drops

Back in 2015, Coolcat suffered an 11 million euro net loss, which has grown to 18.6 million euro in 2016. The improvement plan drafted last year did not have the desired effect yet. Turnover also slumped 7 % to 129 million euro. Kahn had expressed hope that Coolcat would become profitable again this year, but it does not seem very likely. Uncertainty prevails within the company’s ranks regarding its recovery and future.

 

A new agreement states that the ING bank will continue to finance the group until 1 September 2018, even though the bank can demand the loans be paid back if the chain does not recover as planned.

 

“2016 has indeed been a very difficult year. We wrote off a lot of stock and have begun to restructure the company in order to guarantee our survival, which is the main point. Even though the preliminary signs are encouraging, there is obviously a lot of uncertainty. That is why I will not make any predictions on the year to come”, founder Roland Kahn told Quote.

Questions or comments? Please feel free to contact the editors


Gerelateerde items

Record results for Henkel

22/02/2018

German Henkel experienced a strong 2017, with record numbers for both its profit and turnover. The company managed to surpass the 20 billion euro turnover milestone for the first time.

Merger paid off for Fnac Darty

22/02/2018

French entertainment and electronics retailer Fnac Darty (owner of Belgian chain Vanden Borre and Dutch BCC) has experienced a “solid 2017”, with a nearly 40 % turnover increase.

Are Chinese prisoners working for H&M and C&A?

20/02/2018

British former journalist Peter Humphrey has accused C&A and H&M of using forced labour. He claims to have seen how Shanghai prisoners were forced to work for Western chains, something the retailers will now investigate.

Chanel acquires stake in online retailer Farfetch

19/02/2018

French fashion label Chanel obtained a minority stake in British Farfetch. It wants to use the online retailer’s expertise to create more digital innovations for its own customers.

Monoprix wants to acquire web shop Sarenza

19/02/2018

Store chain Monoprix, part of French Groupe Casino, entered negotiations to acquire online shoe seller Sarenza, one of France’s prime online brands.

Kraft Heinz does not meet expectations

16/02/2018

American Kraft Heinz failed to live up to analysts’ fourth quarter expectations, both when it comes to turnover and profit. It did manage a 900 % increase of its profit, but that did not convince any analyst.

Back to top