Le Coq Sportif confirms its Olympic drive in the first half
Le Coq Sportif dressed the French Olympic and Paralympic teams at the Beijing Winter Olympics and will also make their outfits for the 2024 Paris Olympics. The brand believes in the Olympic flame to take it to new heights ... and find profitability. The results of its first half of 2022, closed at the end of June, seem to confirm this idea.
The French brand, which has been majority-owned by Marc-Henri Beausire's Swiss investment company Airesis since 2005, has seen its sales increase by 23% compared to the same period in 2021, approaching 65 million euros. This is the highest achievement for the brand in the last ten years.
In the presentation of its half-year results, the company notes that this growth is notably driven by an 80% jump in its international sales. The group also claims to have been able to build a relationship with French distributors, and with Intersport in particular. "With a 20% share of the men's textile market in the Intersport network, which is the French leader in the textile market, Le Coq Sportif has been able to consolidate its leading position in recent months.”
Le Coq Sportif highlights its French production, which now concerns its training and competition clothing. An activity that must increase in the perspective of the next big sports competitions that will take place in France.
"The new warehouse, inaugurated a year ago, has achieved its objectives of improving productivity and bringing together the production sites located in the Aube region. This new structure also allows us to optimize logistics flows," explained the brand in its half-yearly report.
It added: "The expansion of the Romilly-sur-Seine headquarters, which began in September 2021, should be completed in February 2023, as initially planned. With an additional 3,000 square meters of floor space, this building will allow us to strengthen our teams and manufacture the podium and performance outfits for athletes involved in the Paris 2024 Olympic and Paralympic Games, as well as for the Rugby World Cup, which will take place in France in a year's time."
However, the brand has seen its gross margin drop over the last quarter, falling from 47% to 44% in one year. As its operating expenses have continued to rise, the group remains mainly in the red and has not managed to reduce its losses, which were more than 6 million euros for the half year.
Copyright © 2023 FashionNetwork.com All rights reserved.