Van de Velde has posted a growth of 2.6% on last year but reported a 18.1% decrease in its profits.
The luxury lingerie manufacturer said it was pleased with its growth in the face of a tough retail climate and Brexit turbulence, but blamed a higher tax burden for its profit troubles.
The group attributed its REBITDA growth to solid turnover, customer programmes and marketing investment and investment in ecommerce and ICT.
Its financial report noted that its wholesale turnover at constant exchange rates was 5%, mainly as a result of the weakening pound.
Meanwhile, retail turnover declined, largely due to a 20.2% decrease in retail turnover in the US. But retail turnover in Europe saw 3.7% growth.
Ven de Velde, which manufacturers PrimaDonna, Marie Jo and Andres Sarda, said that there will be “quite a few challenges ahead of us in 2017”.