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Half-year results 2023

CALIDA GROUP press release
ad hoc announcement pursuant to article 53 LR 
Sursee (Switzerland), 27 July 2023


CALIDA GROUP with slight sales decline – focus on optimising the core brands CALIDA, AUBADE and LAFUMA MOBILIER as well as expedited integration of COSABELLA

  • Slight decline in turnover at Group level in the first half of the year by 2.0 percent (currency adjusted) to CHF 160.2 million 
  • Profitable core brands CALIDA, AUBADE and LAFUMA MOBILIER remain solid thanks to loyal customers 
  • CALIDA with currency adjusted sales growth of 7.0 percent, AUBADE with robust result and LAFUMA MOBILIER with significantly slower business development
  • COSABELLA still behind acquisition targets – investments in integration and product development to exploit potential
  • Positive development in all direct-to-consumer sales channels – 31.1 percent of sales generated through own online business
  • Reduction of operating profit to CHF 8.2 million – EBIT margin at 5.1 percent
  • Half-year result significantly affected by value adjustment at ERLICH TEXTIL
  • Focus on higher profitability and high operating cash flow

“In a market environment clouded by uncertainties, which significantly dampened consumer sentiment in many markets, the CALIDA GROUP achieved slightly lower sales compared to the previous year. Our brands CALIDA, AUBADE and LAFUMA MOBILIER proved to be solid, mainly thanks to a loyal customer base that highly prizes our brands’ superior quality products. Sales of the acquired US lingerie brand COSABELLA remained stable in the first half of the year thanks to positive developments in e-commerce. With the help of know-how synergies and an expedited integration of COSABELLA, the brand and market potential are to be unlocked. In the first six months of the current year a lot has changed in the CALIDA GROUP. Our attention is now focused on a higher profitability and a sustainably high operating cash flow. The proven brands CALIDA, AUBADE and LAFUMA MOBILIER as well as the development potential of COSABELLA combined with the financial solidity of the Group form a strong foundation for the future development of our Group,” comments Felix Sulzberger, Executive Chairman of the Board of Directors of the CALIDA GROUP, on the 2023 half-year results.

Operational focus on profitable core brands – discontinued operation overshadows half-year result 
Total CALIDA GROUP sales from continuing operations were CHF 160.2 million, down 2.0 percent year-on-year, adjusted for currency effects. Sales were negatively impacted by currency effects by 3.8%.

By brand, sales growth of the traditional brand CALIDA was again impressive, despite the challenging business environment: The core brand contributed CHF 72.2 million to Group sales, a 7.0 percent increase year-on-year (currency adjusted), extending its track record as an extremely powerful and resilient. In line with its high quality standards, CALIDA will continue investing in product and marketing innovations and redoubling its customer focus in all channels. E-commerce will be further prioritized through targeted organizational optimization at CALIDA GROUP DGTL (formerly REICH ONLINE SOLUTIONS). The web shop co-run by CALIDA GROUP DGTL,, will be discontinued from 2024 to provide more support to the e-commerce operations of the Group brands.

After a three-year run of sustained above-average growth, AUBADE faced a consolidation phase in the first half of 2023 and saw a decline in sales of 6.3% (currency adjusted). Despite the slight decline, sales are well above prepandemic levels. Product development is a top priority at AUBADE: The brand will be in the market with attractive and innovative new product lines in the high-priced luxury segment in the second half of the year and in 2024, further strengthening the high profitability of the luxury brand AUBADE.

LAFUMA MOBILIER saw much of its strong sales growth of the pandemic years erode in the first half of 2023, generating sales of CHF 37.1 million, which is a 27.6 percent decline year-on-year (currency adjusted). The rebounding Asian competition, high retailer inventories, and poor spring sales due to unfavorable weather dealt LAFUMA MOBILIER a triple negative effect. Despite these challenging circumstances, however, LAFUMA MOBILIER produced positive results that significantly outperformed its prepandemic figures. This is proof of the strength of the business model, and LAFUMA MOBILIER is expected to return to its usual high profitability and positive growth as high inventories decline and the extensive investments in both e-commerce and international expansion gain traction.

COSABELLA, the US lingerie brand acquired in May 2022, posted sales of CHF 11.5 million, a slight decrease of 0.9 percent from the same period a year earlier. E-commerce sales, while up by an impressive 21.9 percent, were unable to fully offset the sharp sales decline in the difficult wholesale channel, down 32.6 percent. Overall, COSABELLA still falls well short of the performance targets for the acquisition. The focus therefore will be on targeted ongoing brand integration and also investment in product development, marketing and distribution to unlock COSABELLA's full potential.
The persistently challenging environment severely hobbled the performance of recently acquired ERLICH TEXTIL, making the brand strategically unviable for the CALIDA GROUP to maintain.

Positive performance across all direct-to-consumer sales channels
Extending the trend from a year earlier, the strong growth in online sales continued its return to more normal levels, generating CHF 49.8 million, a 28.3 percent increase year-on-year (currency adjusted). The CALIDA GROUP’s own online channels accounted for 31.1 percent of all sales from continuing operations. Revenues from the wholesale channel declined 21.6 percent, strongly influenced by the decline at LAFUMA MOBILIER. By contrast, retail and, notably, space management outperformed prior-year sales by 3.5 percent and 9.9 percent, respectively.

The CALIDA GROUP posted an operating profit of CHF 8.2 million, a 56.5 percent decrease year-on-year (adjusted). This decline is due in particular to the drop in turnover at LAFUMA MOBILIER and AUBADE. This produced an EBIT margin of 5.1 percent (H1 2022: 11.1 percent) and adjusted EBITDA of CHF 11.3 million. The operating result (EBIT) was impacted by valuation adjustments and provisions associated with the divestment of ERLICH TEXTIL: The operating result from continued operations was CHF 6.1 million (-56.7 percent), which, combined with the result from the discontinued ERLICH TEXTIL operations, netted an operating loss of CHF 15.1 million.

Reflecting the lower sales and high inventories, free cash flow remained negative at CHF -19.0 million (previous year: CHF -36.0 million). Net liquidity fell from CHF 20.1 million at the end of 2022 to CHF -8.5 million due to higher working capital from investments and the dividend payment. The adjusted equity ratio was 62.4 percent (31 December 2022: 67.2 percent).

Focus on high profitability and cash flow
Implementing the ACCELERATE 2026 growth strategy did not deliver on the Group performance targets. In fact, it had a negative impact on the Group's financials. In the spring, the Board of Directors moved to review the strategy. In a first step, the decision was taken to divest ERLICH TEXTIL. In the second half of 2023, the Board will address the Group's strategic focus.

In the first half of 2023, there were changes to CALIDA GROUP Executive Management. The previous Group CEO Timo Schmidt-Eisenhart left the company with effect from the end of June 2023. A successor will be announced at the appropriate time. In the interim, Felix Sulzberger will be serving as executive chairman, discharging the Group CEO's responsibilities jointly with his fellow Board members and Executive Management and with support from the brands' general managers. On 1 July 2023, Dave Müller became CFO of the CALIDA GROUP. Dave Müller is familiar with the workings of the CALIDA GROUP, having held various management positions within the Finance team of the CALIDA brand over the past ten years.

Patricia Gandji, an independent member of the Board of Directors of the CALIDA GROUP since the 2022 Annual General Meeting, is stepping down with immediate effect for personal reasons. During her term of office on the Board of Directors, she has actively contributed to the development of the company and provided impulses, particularly with regard to the international development and the promotion of the talent pool. The Board of Directors thanks Patricia Gandji for her valuable contributions and regrets her resignation.

The CALIDA GROUP expects the challenging environment to continue, which will not brighten consumer sentiment in the short term. In line with this, currency-adjusted sales and EBIT from continued Group operations to underperform the strong prior-year result are expected.

For further information, please contact: 
Calida Holding AG

Juerg Staehelin, IRF
Phone: +41 43 244 81 51

Financial calendar 2023/24
Full-year results 2023     23 February 2024

Conference Call: CALIDA GROUP Half-year results 2023

Date:     Thursday, 27 July 2023
Time:     09.00 am (CEST)

You will receive your personal access data for the conference call after your registration under the following link: REGISTRATION

All documents can be found on the investor page at


Key Figures CALIDA GROUP (half-year)


Monetary values in MCHF





± %

± %3

Net sales1




 - 5.8%

 - 2.0%





+ 3.7%

+ 7.0%





 - 10.4%

 - 6.3%





 - 30.9%

 - 27.6%







Net sales E-Commerce 1




+ 22.7%

+ 28.3%

Adjusted EBITDA1






Adjusted EBITDA margin (%)






Adjusted operating result (EBIT)1






Adjusted EBIT margin (%)






Net income1






Normalised free cash flow2






Equity ratio (%) – according to APM2












1 from continuing operations


2 from continuing and discontinuing operations


3 after adjusting for currency effects



The CALIDA GROUP is a globally active company for premium underwear with its head office in Switzerland. It consists of the brands CALIDA, AUBADE and COSABELLA in the underwear and lingerie segment as well as the outdoor furniture brand LAFUMA MOBILIER. The CALIDA GROUP stands for high-quality products that delight consumers every day. In the first half of 2023, the Group generated sales of over CHF 160 million with over 2,500 employees. The registered shares of Calida Holding AG (CALN) are traded on SIX Swiss Exchange AG.