Van de Velde, a leading Belgian lingerie company, has reported a comparable turnover of €116.2 million (approximately $128.7 million) for the first half of fiscal 2024 (H1 FY24), marking a decrease of 5.1 per cent compared to the same period last year.

The direct-to-consumer (D2C) segment showed resilience, with a comparable turnover of €28.3 million, representing an 11.1 per cent increase compared to last year. However, the business-to-business (B2B) segment saw a decline, with a comparable turnover of €87.9 million, down 9.4 per cent from the previous year, the company said in a press release.

The company's comparable EBITDA amounted to €31.9 million, a decrease of 15.1 per cent year-over-year. This reduction is attributed to additional marketing activation expenses and rising wage costs driven by inflation. The comparable EBITDA corresponds to 27.5 per cent of the comparable turnover. The net group profit for the period was €19.7 million, a decrease of 10.6 per cent compared to the same period last year.

“During this challenging spring for the fashion industry, we managed to sharpen our market position. The sales in the D2C segment continue to grow consistently thanks to our marketing activation. Firm control of working capital leads to a growth in cash position,” said CEO Karel Verlinde.

Fibre2Fashion News Desk (DP)