Van de Velde grows in spite of Brexit turbulence but profits drop 18%

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.

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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”.

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