Record year for shoe brand Ecco
Shoe brand Ecco reported record sales last year and its highest profit in its 55-year history.
Net sales reached €1.31 billion (US$1.49 billion) and profit before tax reached €201 million ($228.1 million).
“It is very satisfactory for the employees to see all their hard work and enthusiasm rewarded with such a good result, particularly when taking into account that the retail industry is going through a disruptive period and is facing many challenges,” said Ecco CEO Steen Borgholm.
The gains correspond with the launch of several new products last year, within both the firm’s shoe and leather divisions.
Direct-to-Consumer sales continued the fast growth of previous years, recording a 10-per-cent growth in brick-and-mortar retail and 36 per cent online. In particular, North America and Asia recorded strong overall market growth with 13 per cent and 11 per cent respectively. More than 50 per cent of Ecco shoes were sold in concept stores – online and offline.
“In a year Ecco connects with millions of consumers,” said Borgholm. “We still have a lot to do to take full potential of this in our marketing, sales, and operating model. Further investments in the development of new products will continue and help us generate a sustainable and healthy growth for Ecco also in the years to come.”