Wolford released its delayed results for its shorter fiscal year late on Wednesday and while it swung to a profit, the upscale hosiery and bodywear firm also talked of “significant business losses” due to the pandemic.
Upscale hosiery and intimates specialist Wolford delivered a brief update this week and revealed how hard the pandemic hit it, although it also said that its restructuring program is gaining traction.
Wolford has inked an agreement with Adidas to collaborate on a series of new seamless performance garments with the emphasis on all-day wearability. This debut collaboration will be launched on November 2.
Wolford was upbeat on Thursday despite reporting a “significant annual loss” for the latest year. It may have seen a downturn in revenues, but it's also seeing the first positive results of its transformation programme.
One brand that had to weather a particularly complicated moment due to Covid-19 is Wolford, the high-end skinwear and hosiery marque that not only went though the lockdown, but also sold its Austrian headquarters.
Wolford has shared plenty of bad news in recent years but this week the brand shared some good news too. The company said that it's now debt-free and has the cash to get it through the coronavirus crisis.
Wolford is taking a similar approach to some other companies in the midst of the coronavirus pandemic and is seeking to raise cash by selling its HQ. It’s currently in talks to sell and rent back its property in Bregenz.
Jean-Philippe Hecquet has left his position as CEO of Lanvin in a major management overhaul of the brand, which happens to be the oldest haute couture house in Paris. The decision is effective immediately.