De Rigo Group: a positive 2017

The 2017 ended positively once again for the De Rigo Group, with 5.5% growth in 2017 at fixed exchange rates and a consolidated turnover of 429.5 million euros. Exchange rate fluctuation had a -1.7% impact on consolidated turnover, confirming the importance of the positions the group has conquered over the past two years.
The wholesale division grew 8.1% (at constant exchange rates) to 254.1 million euros, benefiting from full consolidation of the 2016 takeover of US distributor REM Eyewear. These positive sales results were obtained with the important contribution of a number of Group brands, particularly Carolina Herrera, Furla and Converse.
The retail division’s turnover was 189.5 million euros, in line with the previous year’s results, registering 2% growth at constant exchange rates. There was an increase in sales in Spain, despite the unfavourable political climate, by the General Optica chain, a subsidiary which continued to grow with 6 new openings during the year. This growth made up for the drop in sales of the Turkish chain Opmar Optik, which continues to feel the impact of a highly unstable local economic and political situation, particularly the drop in value of the Turkish Lira, which significantly affected its contributions to consolidated results.
Growth was not even all over the world, but peaks of 30% growth were reached in the Americas, thanks in part to the contribution of the new De Rigo REM in Los Angeles and growth on the Brazilian market. European sales grew 1.2% thanks to Spain, Portugal and Germany. Sales in the Middle East dropped by 11%. The Asian market dropped 12%, particularly South Korea and Japan, partly due to a drop in tourism in the two countries caused by geopolitical tension between North Korea and the United States.
“We are very satisfied with the results achieved in a year of great competitiveness on world markets”, comments Ennio De Rigo, Chairman of the De Rigo Group. “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. 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”.
The start of 2018 is looking good, with the introduction of exclusive distribution of the Converse collections in Europe, the Middle East and Africa.