• FY profit jumps to EUR41m from EUR2.5m
  • Turnover up 5.3% to EUR209m
  • CEO Van Doorselaere to leave the business

Belgian underwear group Van de Velde has seen its annual profit skyrocket thanks to increased turnover, and says CEO Ignace Van Doorselaere will stand down at the end of the year.

Profit attributable to the owners of the company reached EUR41m (US$45m) for the year to 31 December, compared to EUR2.5m in the same period the year before.

Turnover increased 5.3% to EUR209m from EUR198.4m, while like-for-like sales, including comparable deliveries, rose 5.7% year-on-year. Wholesale turnover was up 6%, with growth in lingerie and beachwear.

However, retail turnover at Rigby & Peller USA (former Intimacy) fell by 9.7% in local currency. But due to the strengthening of the American dollar against the euro, retail turnover in euro terms was up 7.2%.  

In Europe, retail turnover on a like-for-like basis rose 5.8%, thanks to growth in Germany (7.1%) and the Netherlands (5.7%).

The company said it is very confident 2016 will take it to the next level, with orders for spring/summer 2016 higher than in 2015.

While Europe and the UK retail business has entered the new year with modest growth, the relaunch in the US has not yet broken the trend. New management will be responsible for global retail department in 2016.

Meanwhile, Van Doorselaere is to step down from the business at the end of the year.