Etam Iger, the prominent French women's and lingerie brand, recently released its interim financial results. Despite the fierce competition and frequent price wars across the European market, the company’s performance in China has been notably robust. Through strategic business reorganization and the launch of innovative products, Etam experienced significant growth in the Chinese market during the first half of the year, with both sales and profits seeing substantial increases.
In the first half of this year, Etam reported total sales of 500 million euros, marking a 1.5% decline compared to the previous year. Operating profit, however, dropped significantly by 29.6% to reach 7 million euros. While the European market struggled, with pre-tax profits falling sharply from 17.8 million euros to 2.5 million euros in the first half of the year, and a corresponding 8% decrease in total sales across its 1,155 stores, the company expressed intentions to revitalize the region by introducing more affordable clothing lines aimed at capturing a broader customer base.
On the other hand, the Chinese market demonstrated impressive results. Operating profit surged to 4.6 million euros in the first half, a stark improvement from a loss of 7.8 million euros the previous year. Sales skyrocketed by 60%, reaching 125 million euros. This remarkable growth can be attributed to Etam’s aggressive expansion strategy in China, where the company opened 271 new stores in 2009 alone. As a result, the total number of Etam stores in China now stands at an impressive 2,400.
Looking ahead, Etam remains optimistic about its global prospects, particularly in Europe, where cost-effective product offerings could help stabilize and potentially reverse declining trends. Meanwhile, the company continues to prioritize its strong foothold in the Chinese market, leveraging local insights and expanding its retail footprint to drive further growth.
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