Press release

2021 H1 Results

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Strong rebound with EBIT and Net Income back to positive Solid Free Cash Flow generation

  • Solid sales performance vs H1 2020: up +21.6% as reported to €453.3 million; +23.3% on an organic(1) basis, despite store closures and restrictions, low traffic, and lack of tourism
  • Strong double-digit growth in Mainland China, reaching +54.6% on an organic basis vs H1 2020, and +24% as reported vs H1 2019
  • Confirmed momentum in the U.S., going from strength to strength
  • Back to positive adj. EBIT, reaching €25.2m (5.6% of sales), and positive Net Income
  • Focus on Capex and Working Capital leading to a solid Free Cash Flow generation of €20.2m, vs -€56.7m in H1 2020
  • Healthy liquidity headroom of more than €240m


(1) Organic growth | All references in this document to the “organic sales performance” refer to the performance of the Group at constant currency and scope