Wolford reports double-digit growth in turnover and earnings for 2021
For the fiscal year from January to December 2021, Wolford reports its best EBITDA in 10 years, with double-digit growth in turnover and earnings, as sales hit 108.9 million euros, up 14 percent from 2020.
The positive performance it adds is the result of its global expansion and enhanced brand strategies, which has resulted in substantial revenue growth in both China, where it increased growth by 79 percent and the US, up 38 percent. This it notes partially offset the impact of lockdowns in Europe, the brand’s well-established markets, which still grew by 7 percent.
Overall, Wolford reported a 21 percent year-on-year growth in retail sales, while revenue from wholesale and online channels grew by 3 percent and 27 percent respectively.
Athleisure and designer collaborations drive growth at Wolford
The brand’s growth drivers have been its ‘The W’ and ‘The W Lab’ athleisure lines, which grew 11-fold in the legwear and ready-to-wear product groups. As well as its capsule collections with internationally acclaimed designers, such as shoe designer Amina Muaddi that Wolford added had “exceeded expectations across all sales channels” and helped the brand target a significantly younger and fashion-conscious target group.
To continue growing the business in key markets, Wolford said that it has started to develop collaborations with regionally relevant fashion design talents and brands. These include a lingerie capsule collection with Neiwai, a Shanghai-based brand known for its simple and sustainable cuts.
Wolford targets 200-million-euro turnover in three to five years
Looking to the future, Wolford is targeting global sales of more than 200 million euros in the next three to five years and has launched a transformation agenda which includes important growth initiatives and the further restructuring and increased digitalisation of the business model.
The skinwear and hosiery specialist also added that it would continue to focus on its brand expansion strategy, continuing to develop ‘The W’ and ‘The W Lab’ lines, while also focusing on the core markets of the US, Germany, Austria and Switzerland, as well as China. In the current financial year alone, Wolford plans to open 15 new boutiques and invest across all distribution channels - retail, wholesale and online, including a new shop concept, ‘The Green Experience,’ which underlines Wolford's strength and commitment to sustainability.