French group Damartex has recorded another revenue decline, following a 9.5 per cent drop in fiscal 2022-23. For the 12 months ending June 2024, the group reported a further decrease of 9.9 per cent, bringing revenue down to € 529.2 million.
The fourth quarter, from April to June 2024, was particularly challenging, with revenue plummeting by 10.4 per cent. Damartex, a specialist in the silver economy, attributed this trend to various headwinds, including macroeconomic and political instability and weak consumer spending, as well as more focused commercial investments.
In fiscal 2023-24, the group’s fashion division generated € 396.2 million in revenue, a 9 per cent decline from the previous year. Following the sale of Afibel in February 2024, Damartex now only has two apparel brands in its portfolio: Damart, which saw a 10.2 per cent revenue decrease, and Xandres, which is on an upward trajectory with a 6.8 per cent revenue increase.
Damart, known for its underwear made with Thermolactyl thermal fibre, suffered from weak consumer spending, particularly due to adverse weather conditions in the final quarter that affected the entire apparel sector, according to Damartex.
Revenue for the home and lifestyle division, which includes brands like 3 Pagen and Coopers of Stortford, fell by 10.6 per cent to €99.2 million.
