Despite the challenges posed by the ongoing pandemic, Wolford has shown resilience and adaptability in the first half of the year. The company has managed to stabilize its sales and narrow its losses, with a goal of reaching break-even in 2021. The new fiscal year, running from May to December, has presented its own set of challenges, but Wolford remains optimistic about its future prospects.
In the face of store closures across various markets, Wolford reported sales of €48.17 million in the first six months, reflecting a 20% decline from the previous year but surpassing initial expectations. The company’s efforts to streamline operations and focus on online sales have paid off, with e-commerce becoming the primary driver of growth during the reporting period, growing by an impressive 54%.
A significant boost came from the recent sale of real estate assets, providing €72 million that was used to pay off debts and ultimately leading to a pre-tax profit of €30 million for Wolford. Product development has also been a priority, with successful launches such as the Wolford Care Masks generating €9 million in revenue. Collaborations, such as the one with Adidas, have exceeded expectations, showcasing the brand’s ability to innovate and grow.
Wolford’s commitment to sustainability is evident in its Aurora Monogram line, which is ‘Cradle to Cradle Gold Certified’. The company’s goal of becoming the first environmentally neutral brand in the fashion industry highlights its dedication to responsible practices. Plans for further expansion in omnichannel architecture and new distributor partnerships in Japan signal a positive trajectory for Wolford’s future growth.
As the company navigates the uncertainties of the Covid-19 pandemic, it remains focused on achieving break-even in the coming year. Strategic initiatives, cost-cutting measures, and a focus on digital growth and customer engagement have positioned Wolford for success in the post-pandemic world. With a resilient and innovative approach to its operations, Wolford is poised to thrive in the ever-changing retail landscape.
To learn more about Wolford’s commitment to sustainability, visit their website here. For the latest updates on the company’s products and initiatives, follow Wolford on social media here.
