The year 2012 has not been so good for IC Companys, a Denmark-based organization, engaged in the ownership and development of companies primarily active within the casual clothing and sportswear industries. The company suffered decline in both revenues and earnings in the third quarter, with revenues falling 7% to DKK 694 mn, while retail sales decreased 3% to DKK 341 mn, and due to volatile market conditions the same is expected in the fourth quarter also. “As expected, the group suffered revenue and earnings setbacks for the third quarter as we have experienced challenging market conditions,” said Niels Mikkelsen, CEO of the company reacting to the situation.
Though the company prefers to be tight lipped about its sourcing operations, however, they did share with Apparel Online that their sourcing offices in Bangladesh and Vietnam are no longer in operation. The Bangladesh office was closed about three months back. The Indian operations, thankfully is still on and Sanjay Thakur has taken over as the Country Head just about two-three months back.
As of June 30, 2012, the company’s portfolio included 11 brands divided into three main segments, namely ‘Premium’, comprising such brands, as Tiger of Sweden, By Malene Birger, Peak Performance and Designers Remix; ‘Mid Market’, comprising brand like InWear, Matinique, Part Two, Jackpot and Cottonfield; and ‘Fast Fashion’, comprising brands as Saint Tropez and Soaked in Luxury.
The company operates through more than 500 retail and franchise stores, an e-commerce business and more than 10,000 selling points located in more than 40 countries. As of June 30, 2012, the company had 36 subsidiaries, out of which 35 were wholly owned.
