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CALIDA GROUP achieves record profit of CHF 24.3 million – double-digit growth of all brands and online business

CALIDA GROUP press release
ad hoc announcement according to article 53 LR
Sursee (Switzerland), 4 March 2022

Annual financial statements 2021

  • Significant sales increase of 19.2 percent to CHF 298 million – all brands with double-digit sales growth
  • Online sales up 26.7 percent thanks to steady expansion of e-commerce – share of online sales at 27 percent
  • Significant increase in operating profit of 43 percent to CHF 24.3 million 
  • Extremely solid financial basis with free cash flow up by around 21 percent and above-average equity ratio of 58.6 percent
  • Attractive dividend policy with 25 percent higher dividend of CHF 1.00 per share
  • First milestones in the implementation of the ACCELERATE 2026 strategy achieved – acquisition of erlich textil and sale of MILLET MOUNTAIN GROUP

“The 2021 business result will be recorded in our company history as the greatest success to date. In spite of initial limitations imposed by the corona pandemic, all our brands ended the year with double-digit sales growth and a result substantially better than the pre-pandemic performance. Once again, the steady expansion of our e-commerce activities and sustainable near-shore production paid off and enabled constant deliveries to our customers. The very positive business development of our Group during the pandemic was primarily supported by our loyal customer base. Thanks to our attractive brand portfolio and extremely solid financial basis, we have a promising starting position for the further growth of the CALIDA GROUP”, comments Timo Schmidt-Eisenhart, CEO of the CALIDA GROUP, on the 2021 financial statements.

Implementation of ACCELERATE growth strategy – further progress made with portfolio transformation

The CALIDA GROUP's strategy until 2026 was presented at the Capital Market Day in November 2021. ACCELERATE 2026 consists of four strategic initiatives to accelerate future growth: Substantially increasing investments in the core brands, increasing the share of controlled distribution channels as well as the digital share of sales, increasing market share through acquisitions of growth brands in the underwear and lingerie segments, and further expanding the platform model to efficiently leverage synergies between the brands.

The first steps in the strategy of focusing on the core segment of underwear and lingerie could be implemented. As a binding agreement with the grandson of MILLET's founder and Inspiring Sport Capital for the sale of the MILLET MOUNTAIN GROUP was signed, the business of the MILLET MOUNTAIN GROUP can be returned to the founding family. The transaction is expected to be finalised in the second quarter of 2022. The proceeds will be used primarily for acquisitions in the underwear and lingerie segment. 

With the acquisition of the sustainable German underwear brand erlich textil, the core segment of underwear was further strengthened already. The experience in brand development and the platforms of the CALIDA GROUP are to be used specifically for the next growth phase of erlich textil. erlich textil is thus to become one of the leading brands for sustainable textiles in the DACH region in the coming years.

Sales improved substantially by 20 percent to almost CHF 300 million – EBIT margin increased to 8.1 percent 

The Group generated sales of CHF 298 million from continuing operations, an increase of 19.2 percent adjusted for currency effects. All brands achieved double-digit growth: CALIDA contributed sales of CHF 152.7 million (+12.8 percent), followed by AUBADE with CHF 72.2 million (+28.8 percent) and LAFUMA MOBILIER with CHF 58.8 million (+27 percent). All brands also exceeded the sales generated before the pandemic. 

Thanks to the continued development of the Group's e-commerce activities, online sales rose sharply by 26.7 percent. Thus, the Group generated an impressive CHF 80.2 million or 27 percent of total sales online across all brands. The ongoing growth of the online business once again demonstrates the future potential of the digital distribution channels for the CALIDA GROUP. For years now, the CALIDA GROUP has outgrown the market in this segment and has gained market share in all categories. 

In 2021, the CALIDA GROUP earned an adjusted operating profit of CHF 24.3 million, up around 43 percent on the previous year. The EBIT margin of 8.1 percent is slightly above the guidance announced for 2021 and above the prior-year level of 6.8 percent. The largest contribution to operating profit came once again from CALIDA with CHF 47.5 million (+34.6 percent). AUBADE and LAFUMA MOBILIER also significantly increased their profitability with CHF 21.9 million (+47.6 percent) and CHF 18.4 million (+37.3 percent) respectively.  

Free cash flow increased by some 21 percent to CHF 25.6 million and the equity ratio came in at an above-average 58.6 percent (excl. IFRS 16; previous year 63.8 percent). The CALIDA GROUP remains on a very solid financial footing, which affords the leeway to achieve the ambitious strategic objectives by 2026. The excellent position is rounded off by net liquidity of CHF 46.6 million and leaves sufficient scope to implement the ACCELERATE 2026 strategy, including making further acquisitions.

New attractive dividend policy 

The Group's new dividend policy is becoming evident for the first time. In future, at least 50 percent of the normalised cash flow (2021: CHF 15.6 million) will be distributed to the shareholders and the payment will be steadily increased every year. This shareholder-friendly dividend policy underlines the current financial stability and the positive assessment of the Group's future development. Against this background, the Board of Directors will propose to the Annual General Meeting of 14 April 2022 to increase the ordinary dividend by 25 percent to CHF 1.00 per share.

Stronger focus on sustainability thanks to acquisition and ESG reporting

With the acquisition of the sustainable underwear brand erlich textil, the CALIDA GROUP is strengthening its core segment of underwear as well as its commitment to sustainability and e-commerce. Like no other, the start-up with its registered office in Cologne is committed to fairness, sustainability and a positive working environment and works exclusively with organically grown, sustainable raw materials. The CALIDA GROUP has committed to joining the UN Global Compact by 2023, implementing the Global Reporting Initiative as a unified reporting system, reducing greenhouse gas emissions, expanding the circular economy of the product range and maintaining strict ESG standards for all brands.

Outlook for 2022: business model and growth strategy ensure a promising starting position  

Based on the visible signs of a new normality and the omnichannel business model, which has been extremely robust and successful during the past two extraordinary years, the CALIDA GROUP looks to the future with confidence. Together with the clear growth strategy for the implementation of the ambitious objectives by 2026, this creates a promising basis that will be consistently exploited to the benefit of the Group's employees, customers and shareholders. That is why the organic growth rate of 4-6 percent that was communicated for 2022 at the Capital Markets Day is confirmed.  

Conference Call and Live Webcast

CALIDA GROUP financial statements

Date:     Friday, 4 March 2022

Time:    10.00 a.m. (CET)

The presentation is accessible as a conference call, as well as a live webcast. You will receive your personal access data after your registration via the following link: REGISTRATION

All documents can be found on the investor page at

From 11.00 a.m. you will also find the presentation on the full-year results  on the investor page.




monetary values in MCHF (IFRS)





± %

± %3

Net sales 1




+ 19.9%

+ 19.2%





+ 13.0%

+ 12.8%





+ 30.1%

+ 28.8%





+ 28.1%

+ 27.0%

Adjusted EBITDA 1, 2




+ 51.0%


Adjusted EBITDA margin (%)






Adjusted Operating result (EBIT) 1, 2




+ 43.2%


Adjusted EBIT margin (%)






Net income 1




+ 56.7%


Free Cash Flow 2




+ 20.8%


Normalized Free Cash Flow 2




+ 12.2%


Net liquidity




+ 2.9%


Equity ratio (%) adjusted 2






Headcount 1




+ 2.7%


1from continuing operations

2 according to the definition in alternative performance measures see annual report page 17 onwards

3 after adjusting for currency effects

For further information, please contact: 
Calida Holding AG 
Sacha Gerber, CFO