De Rigo achieves ‘satisfying’ growth
Author: Simon Jones
De Rigo Group achieved 5.5% growth at constant exchange rates during 2017 and consolidated turnover of €429.5m, financial results showed.
The Veneto-based company’s wholesale division also grew, 8.1% at constant exchange rates to €254m, benefiting from full consolidation of the 2016 takeover of US distributor REM Eyewear. Turnover within the company’s retail division was €189.5m, accounting for 2% growth at constant exchange rates.
Growth rates over the world were varied. In the Americas, 30% growth was achieved thanks in part to the new Los Angeles De Rigo REM entity and strong performance in the Brazilian market.
European sales grew 1.2% through improved performance in Spain, Portugal and Germany, but there was an 11% drop in sales in the Middle East and a 12% drop in the Asian Market – particularly in Japan and South Korea. De Rigo put this down to a fall in tourism in the two countries because of political tensions with North Korea and the US.
‘We are very satisfied with the results achieved in a year of great competitiveness on world markets,’ said De Rigo Group chairman Ennio De Rigo.
‘Supported by careful investment, guaranteed by a solid financial structure, our group continues to demonstrate great rapidity making strategic decisions to respond to changes on a continually evolving market with the utmost flexibility.’