Calida returns to profitability in 2024 and appoints new CEO

Business

Calida Store Credits: Calida Group

Swiss textile group Calida Holding AG felt the effects of subdued consumer sentiment in fiscal year 2024. Nevertheless, the group, which also announced a change in leadership on Friday, spoke of "satisfactory development."

“The strategic reorientation of the Calida Group, decided in 2023, shaped the 2024 fiscal year,” said executive chairman, Felix Sulzberger. “The structural and operational optimisation of our group, with a focus on the textile business, is progressing. Subdued consumer sentiment in our core markets continues to influence the sales performance of our brands.”

New CEO for Calida

Concurrent with the release of its annual results, the Calida Group also announced changes to its leadership team.

Thomas Stöcklin has been appointed the new CEO of the group. The chief financial officer (CFO) of the Swiss department store chain Manor will assume his new position on June 1, 2025. This marks a return to Calida for the incoming CEO, as he previously worked at the group for approximately 13 years, most recently as CFO. He has also been a member of the Board of Directors since 2023.

“I am very pleased that we have been able to recruit Thomas Stöcklin, a highly experienced individual with a strong affinity for and extensive experience with the Calida Group brands and the retail market, for this demanding role,” said Sulzberger. “Thanks to the long-standing collaboration with Thomas Stöcklin, both in management and over the past two years on the Board of Directors of the Calida Group, a swift and seamless handover of responsibilities is ensured.”

There are also changes for Sulzberger himself, as he will relinquish operational leadership on May 31, 2025, and will subsequently be available as non-executive chairman of the Board of Directors following the Annual General Meeting. In addition, board member Gregor Greber, chairman of the Risk and Audit Committee, has decided not to stand for re-election at the AGM on April 8, 2025. Greber has been a member of the board since 2020. The board proposes Andrea Sieber as a new candidate for election.

Group reports decline in sales year-over-year

Last year, Group sales from continuing operations – excluding the shares of the outdoor furniture division Lafuma Mobilier, which was sold in August – amounted to 231.0 million Swiss francs. Adjusted for currency effects, this represents a decline in sales of 8.5 percent year-over-year.

The company's namesake core brand, Calida, recorded a 4.8 percent decline in sales to 150.2 million Swiss francs (-3.2 percent adjusted for currency effects). The decline was particularly driven by a weak fourth quarter. The lingerie label Aubade also experienced a decline, with sales falling by 7.9 percent to 63.5 million Swiss francs (-6.1 percent adjusted for currency effects).

Cosabella, a brand currently undergoing "necessary repositioning as well as organisational and structural restructuring," recorded a significantly sharper decline in sales. Due to "the negative developments of recent years," the label, acquired at the end of May 2022, saw sales decline by 21.5 percent in currency-adjusted terms to 17.4 million euros.

Positive developments, however, were seen in e-commerce. The Calida Group's digital sales share reached 33.7 percent in 2024, compared to 30.8 percent in the previous year.

Calida Group back in the black

Despite declining sales, the group returned to profitability in 2024. While high one-time charges pushed the group into the red in 2023, this year it achieved a profit of 14.9 million Swiss francs thanks to the gain from the sale of Lafuma Mobilier. In 2023, the company reported a loss of 66.5 million Swiss francs. Net liquidity, which stood at 0.3 million Swiss francs last year, also increased to 17.4 million Swiss francs, meaning the company is now debt-free.

The Calida Group's adjusted operating profit decreased to 6.4 million Swiss francs due to declining sales, compared to 10.9 million Swiss francs in the prior-year period.

This article originally appeared on FashionUnited.DE. It was translated to English using AI.

Calida Group