Van de Velde reports revenue recovery in second half of 2025

Belgian lingerie group Van de Velde (VdV) has reported a positive turnaround in the latter half of its 2025 financial year, following a challenging start to the period. The company realized revenue growth of 1.9 percent in the second half of the year.

However, full-year figures remained slightly below the previous year's levels. Comparable revenue for the 2025 financial year amounted to 203.4 million euros (236.1 million dollars), representing a decrease of 1.1 percent compared to 2024. Reported revenue saw a decline of 2 percent, falling from 206.4 million euros to 202.4 million euros.

Direct-to-consumer segment drives growth

The direct-to-consumer (D2C) segment proved to be a significant growth driver for the group, with revenue increasing by 5.2 percent to reach 55.9 million euros. This performance was supported by strong results from brand websites and continued geographic expansion.

In contrast, the business-to-business (B2B) segment faced ongoing pressure, with comparable revenue declining by 3.4 percent to 147.5 million euros. The decline was primarily attributed to a weak performance in the first half of the year, particularly in the swim category.

Chief executive officer Karel Verlinde noted that the renewal of the assortment and the expansion of the D2C segment are beginning to bear fruit. Verlinde highlighted that while the first half was impacted by high import duties in the US market, European markets showed recovery in the second half.

Profitability impacted by impairment

The group’s net profit for the period decreased by 14.2 million euros to 17.8 million euros. This sharp decline was largely due to a 9.6 million euros impairment related to the group’s 25.6 percent stake in Hong Kong-based company Top Form Ltd.

The valuation of Top Form Ltd was adjusted to fair value due to increased uncertainty regarding market conditions in the US and international trade volatility. Despite this, VdV continues to cooperate with the partner, moving part of its production to Thailand.

Comparable EBITDA for the year ended at 47.1 million euros, or 23.2 percent of comparable revenue. This represents a 6.1 percent decrease from the 50.2 million euros recorded in 2024.

The company also announced a new share buyback program of up to 15 million euros, starting March 5, 2026.