Van de Velde to assess value of carrying Intimacy

Van de Velde will examine the value of carrying the Intimacy brand after sales in the company dropped by 12% in 2013.

Like-for-like sales in the American brand fell by 4.8% in second half of the year compared to the previous six months.
Van de Velde said in a statement that the situation at Intimacy is being “closely monitored”.

“If it becomes clear in the short term that the targets for 2014 will not be met, the impact on the carrying value of the Intimacy brand name will be examined when the figures are compiled for the first six months of the year,” the company said.

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Despite all this, the Belgian lingerie group recorded a 0.4% turnover increase to €182.4m in 2013 compared to 2012.

This was driven by an increase of 13.5% in the retail turnover at Rigby & Peller in Continental Europe, thanks to a like-for-like growth in Germany (6.5%) and a number of new stores opening in Cologne, Munich and Copenhagen.

The retail turnover of Rigby & Peller in the UK grew by 0.6% in local currency and decreased by about 4% in euro due a weaker British pound.

 

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