The Austrian clothing retailer Wolford AG closed the first six months of the current 2023 financial year with an increase in sales.
The company, which belongs to the Chinese fashion group Lanvin Group, was able to increase its sales in the months of January to June by eight percent to 58.8 million euros compared to the previous year. Wolford achieved this growth through investments in effective marketing activities, trendy designer cooperations and an unstructured product range, the legwear specialist explained in an ad hoc announcement on Tuesday. These measures were important growth drivers during the difficult overall economic situation.
The loss before interest and taxes (EBIT) was reduced by 29 percent to EUR 12 million compared to the same period of the previous year. The positive developments accelerated in the second quarter.
Silvia Azzali becomes CEO
Wolford is confident that restructuring measures such as the merger of sales activities in Milan, continued cost reductions and additional marketing investments will increase profitability in the long term.
Part of this restructuring is also the reallocation of business responsibilities on the board in connection with the “recent appointment of Silvia Azzali as CEO,” according to the report. Azzali, who previously served as Chief Commercial Officer (CCO), shared leadership of the company since the departure of CEO Axel Dreher in October 2019 – with Chief Operating Officer (COO) Andrew Thorndike until his departure in July 2022 and then temporarily with Paul Kotrba. Since mid-April, Azzali has been supported by the new COO Ralf Polito. In addition, Valentina Rainone has been the Head of Finance since December, but is not a member of the Board.