LONGARONE, Italy—The De Rigo Group board of directors has approved the results for the year 2023 with a consolidated turnover of €506.1 million compared with €452.7 million in 2022, representing an increase of 11.8 percent. At constant exchange rates, the increase compared with 2022 was 16 percent, according to the company. Net sales in the Americas for 2023 grew by 5.1 percent to €57.5 million, compared with €54.7 million in 2022. At 2022 exchange rates, the net sales achieved in this region amounted to €58.8 million, the company said.

Net sales in Europe amounted to €388.2 million, an improvement of 12.0 percent. All major markets were positive except for the U.K. which showed a slight reduction. The highest growth was recorded in Turkey, Italy, France and Germany, the company announced. Net sales in the rest of the world increased by 22.1 percent to €53 million, due to the growth recorded in the Asian and Middle East areas, in particular China, the United Arab Emirates and Indonesia, the company noted. At constant exchange rates, net sales in the rest of the world amounted to €55.6 million, an increase of 28.4 percent compared with 2022.

"The highly positive result achieved by the group in 2023 shows the solidity of our strategy," said 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."

The Police brand, which celebrated its 40th anniversary in 2023, increased its sales by 5.2 percent compared with 2022 on licenses in categories other than eyewear, the company said.

Sales generated by the wholesale division grew by 16.7 percent to €279.2 million compared with the 2022 figure of €239 million. At constant exchange rates, the growth in sales over 2022 would have been 20.5 percent. The company noted that 2023 was characterized 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), according to the announcement.

The integration of the two new brands, Rodenstock and Porsche Design, took place in the second half of the year, the company announced, limiting its contribution to the annual revenues to the last quarter only. Retail sales for the two chains, General Optica and Opmar Optik, increased by 6.6 percent to €242.7 million, compared with the €227.7 million generated in 2022. At constant exchange rates, the growth in sales over 2022 would have been 12.0 percent.

The gross operating margin, calculated by adding depreciation to the profit from operations, grew 27 percent to €40.6 million, compared with the €32 million achieved in 2022, representing 8 percent of the turnover. Operating profit was €30.9 million, up from €22.5 million in 2022 and accounted for 6.1 percent of turnover compared with 5 percent in the previous year, according to the group.

As of December 31, 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 on December 31, 2022.

The group noted that the first quarter of 2024 showed “significantly positive signs” with consolidated sales up 11 percent despite orders showing some signs of slowing down in the months of March and April.