Le Tanneur reduces losses
In the first-half of 2015, closed on June 30th, Le Tanneur recorded a current operating deficit of just under one million euros, compared to €2.49 million in losses in the same period a year earlier. This improvement derives from a normalisation in the contribution of luxury labels manufacturing, which grew by 8.8% in the period. Revenues for Le Tanneur increased slightly to €28 million, growing by 1.5%.
By contrast, the group's own-brands operations (Socco, Le Tanneur, etc.) suffered a 7.8% decline in revenue (-4.7% in like-for-like revenue). The group notably pointed out how the January terrorist attacks had the adverse effect of reducing customer traffic in the most significant period for winter promotional sales.
The group is now looking to increase the Le Tanneur brand’s profitability. To this end, it launched a consulting mission this month for a joint reflection with the brand's employees and partners on the strategy to adopt for future expansion.
As of 30th June 2015, the Le Tanneur network consisted of 52 retail outlets: 31 directly-owned stores (7 of which are factory outlets), 18 franchised stores (one in Luxembourg), 2 franchised stores in Algeria, and a website. In addition, its sister company Le Tanneur International has three stores: 2 in Brussels and 1 in Berlin.
Le Tanneur will publish its annual report on 26th February 2016.
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