Van de Velde FIRST LOOK - OK 2H25 but impairment at Top Form
After a challenging first half of the year, Van de Velde returned to revenue growth in 2H25, driven by lingerie sales. Van de Velde indicated that the renewal of its assortment and the further expansion of the Direct-to-Consumer segment to strengthen brand experience are beginning to bear fruit in both the summer and winter seasons. This also translated into higher 2H26EBITDA. Recall that in 1H25 EBITDA decreased due to lower sales in Swim and the impact of US tarifs. The good 2H25 was countered by a € 9.6m impairment at Top Form. They believe their strategy will provide a solid foundation for 2026. We maintain our Accumulate and € 38.5 TP.Van de Velde creates, produces and sells luxury women's lingerie under its own brand names. Co.'s brands are Marie Jo – 'Haute Lingerie' which provides timeless underwear fashion for the woman in all her forms; Marie Jo L'Aventure – 'Lingerie Pure' which provides Graphic luxury lingerie for the young-at-heart woman; and PrimaDonna – 'Exigez l'excellence' which provides luxury lingerie that combines a fit with fashion. Co. operates in a single reporting business segment, which is the production and sale of luxury lingerie. Co. reports its opeStefaan Vandammerations based on the geographical location of customers divided into euro zone and non euro zone.
We are a financial services provider for several types of professional clients, each with distinct needs.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.