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Turnover growth at De Rigo

The eyewear company has announced its 2017 results, which includes growth in the Americas and Europe

07 Mar 2018 by Andrew McClean

The De Rigo Group has announced that turnover increased by 5.5% in 2017 to €429.5m (£382.6m).

The eyewear company said that its wholesale division benefited from full consolidation of the 2016 takeover of US distributor, REM Eyewear, and retention of the Furla and Converse brands. The division experienced growth of 8.1% to €254.1m (£226m).

Its retail division was in line with the previous year’s results, with 2% growth to €189.5m (£168.8). Sales from the General Optica chain in Spain increased with six new openings, which offset a decrease in sales from the Turkish chain Opmar Optik.

Growth peaked for the group in the Americas at 30%, which the company attributes to De Rigo REM in Los Angeles and growth in the Brazilian market. European sales grew 1.2%, with strong performance in Spain, Portugal and Germany.

However, sales in the Middle East decreased by 11% and sales in the Asian market dropped by 12%, with poor performance in South Korea and Japan.

Chairman of the De Rigo Group, Ennio De Rigo, said that the company is very satisfied with the results achieved.

“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,” Mr De Rigo explained.

“We also gained from diversification in the retail and wholesale businesses and the balanced composition of our portfolio, which includes both house brands and licensed brands,” he said.

The company added that 2018 has started well, with the exclusive distribution of the Converse collection in Europe, Middle East and Africa being introduced. De Rigo is also celebrating its 40th anniversary this year.

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