De Rigo Group Reports 2017 Turnover Rose 5.5 Percent


LONGARONE, Italy—The 2017 fiscal year ended positively for the De Rigo Group which recently reported 5.5 percent revenue growth at fixed exchange rates and consolidated turnover of €429.5 million for the year. The company noted that exchange rate fluctuation had a negative 1.7 percent impact on consolidated turnover. De Rigo’s wholesale division grew 8.1 percent (at constant exchange rates) to €254.1 million, benefiting, the company said, from full consolidation of the 2016 takeover of U.S.-based REM Eyewear. These positive sales results were obtained with the important contribution of a number of Group brands, particularly Carolina Herrera, Furla and Converse.

De Rigo’s retail division turnover was €189.5 million, in line with the previous year’s results, registering 2 percent growth at constant exchange rates, the company pointed out. De Rigo said there was a sales increase in Spain, despite the unfavorable political climate, by the General Optica chain, a subsidiary which continued to grow with six new openings during the year. “This growth made up for the drop in sales of the Turkish chain Opmar Optik, which continues to feel the impact of a highly unstable local economic and political situation, particularly the drop in value of the Turkish Lira, which significantly affected its contributions to consolidated results,” the company reported.

Growth was not even all over the world, but peaks of 30 percent growth were reached in the Americas, thanks in part to the contribution of the new De Rigo REM, based in Los Angeles, and growth in the Brazilian market, the company noted. European sales grew 1.2 percent thanks to Spain, Portugal and Germany. Sales in the Middle East declined by 11 percent.

The Asian market also saw a drop of 12 percent, particularly in South Korea and Japan, partly due to a drop in tourism in the two countries caused by geopolitical tension between North Korea and the U.S. “We are very satisfied with the results achieved in a year of great competitiveness on world markets,” commented Ennio De Rigo, chairman of the De Rigo Group.

He added, “Supported by careful investment, guaranteed by a solid financial structure, our Group continues to demonstrate great rapidity making strategic decisions to respond to changes on a continually evolving market with the utmost flexibility. We also gained from diversification in the retail and wholesale businesses and the balanced composition of our portfolio, which includes both house brands and licensed brands.” At the start of 2018, the group introduced its exclusive distribution of the Converse collections in Europe, the Middle East and Africa.

De Rigo Group is a key player in the optical retail business with its own chains, General Optica (Spain), Mais Optica (Portugal) and Opmar Optik (Turkey), and with its subsidiary, Boots Opticians (U.K.). Its extensive wholesale network managed by De Rigo Vision SpA, enables the Group’s products to be distributed in approximately 80 countries, mainly in Europe, Asia and the Americas, through 16 companies and over 100 independent distributors.

De Rigo is celebrating its 40th anniversary this year, as VMAIL recently reported.