Van de Velde hit by store closures

Like-for-like turnover for Belgian lingerie manufacturer Van de Velde has grown 2.6 % over the past 6 months. Only its wholesale division grew, because its retail turnover dropped on the back of several store closures.

19 straight years of growth since IPO

The lingerie manufacturer from Schellebelle managed a 113.8 million euro consolidated turnover, up 0.4 % compared to the same period in the year before. If like-for-like seasonal shipments are included, the company managed a 2.6 % turnover growth spurt. This keeps Van de Velde on track for its 19th straight year of growth since its IPO in 1997.

Van de Velde struggled most in the American market: like-for-like turnover dropped 17.7 %, while total turnover even dropped nearly 28 % after the decision to shut down its onerous stores. There is European growth however, up 5.3 %, entirely thanks to the wholesale division which managed a 5.8 % like-for-like turnover increase (based on constant exchange rates). The retail division in Europe slumped 3.9 %, also because it shut down several onerous stores and because it transformed several stores into franchise stores.

Recruitment from Mexx

Van de Velde enlisted a new “international retail director”, Yan Aerts, previously employed at fashion chain Mexx for 15 years. He has to get the lingerie group’s retail channel back on track and then expand it further.