2023 was a year of strong growth for the De Rigo Group

The Group’s Board of Directors approved the results for the year 2023 with a consolidated turnover of €506.1 million compared to €452.7 million in 2022 (+11.8%). At constant exchange rates, the increase compared to 2022 would have been +16%.
The sales results were positive in all geographical areas:

•           Net sales in Europe amounted to €388.2 million, an improvement of 12.0%. All the major markets were positive except for the UK which showed a slight reduction. The highest growth was recorded in Turkey, Italy, France and Germany. 

•           Net sales in the Americas grew by 5.1% to €57.5 million compared to €54.7 million in 2022. At 2022 exchange rates, the net sales achieved in this area would have amounted to €58.8 million.

•           Net sales in the rest of the world increased by 22.1% to €53 million, mainly thanks to the growth recorded in the Asian and Middle East area, in particular China, the United Arab Emirates and Indonesia. At constant exchange rates, net sales in the rest of the world would have amounted to €55.6 million, an increase of 28.4% compared to 2022.

•           The Police brand, which celebrated its 40th anniversary in 2023, increased its royalties by 5.2% compared to 2022 on licenses in categories other than eyewear.

The sales generated by the Wholesale division grew by 16.7%, to €279.2 million from the 2022 figure of €239 million. At constant exchange rates, the growth in sales over 2022 would have been 20.5%. 2023 was characterised by the consolidation of the brands launched during 2022 such as Roberto Cavalli, Just Cavalli and GAP and the introduction of the two new Porsche Design and Rodenstock brands, the latter deriving from the purchase of the Rodenstock eyewear business unit in June 2023. The most important contribution to growth took place in the premium segment (Chopard, Porsche Design, Philipp Plein and Roberto Cavalli).

The integration of the two new brands (Rodenstock and Porsche Design) took place in the second half of the year, consequently limiting its contribution to the annual revenues to the last quarter only.

Retail sales (with the two chains General Optica and Opmar Optik) increased by 6.6% to €242.7 million, compared to the €227.7 million generated in 2022. At constant exchange rates, the growth in sales over 2022 would have been 12.0%.

The gross operating margin, calculated by adding depreciation to the profit from operations, grew 27% to €40.6 million, from the €32 million achieved in 2022, representing 8% of the turnover. The improvement in the gross operating margin is linked to the continued recovery of sales (both Retail and Wholesale) and the more favourable sales mix, in particular thanks to the significant growth of premium segment brands and some licenses that marked new milestones. 

The operating profit was €30.9 million, from €22.5 million in 2022 and accounted for 6.1% of turnover compared to 5% in the previous year.

Thanks to the sharp rise in interest rates, the Group's pension fund deficit saw a sharp reduction compared to previous years.

At 31 December 2023, the net financial position of the De Rigo Group was negative and amounted to €4.7 million, and was down compared to the positive level of €119.9 million recorded at 31 December 2022, mainly following the distribution of an extraordinary dividend of €95 million as a consequence of the reorganization among the Group’s shareholders and about €30.3 million for investments in fixed assets and working capital following the increased level of activity.

The first quarter of the year still shows significantly positive signs with consolidated sales up 11% despite orders showing some signs of slowing down in the months of March and April.

"The highly positive result achieved by the Group in 2023 shows the solidity of our strategy", comments Maurizio Dessolis, Executive Vice Chairman of the De Rigo Group. "A very important growth which is the result of the investments made in the last two years and a product offer appreciated by the market. Unfortunately, the uncertainties caused by the international conflicts and the harsh inflation-busting strategy implemented by the central banks remain visible. The first months of 2024, although very positive, show a more changeable evolution that is difficult to predict for the rest of the year. However, we remain moderately positive about achieving our goals".