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Strategy review completed

CALIDA GROUP press release
ad hoc announcement pursuant to article 53 LR 
Sursee (Switzerland), 12 September 2023 

Operational excellence as new strategic focus – EBIT margin of 10% as target by 2026 – focus online business on Group brands – impairment at COSABELLA

  • New strategic focus on operational excellence for Group brands
  • EBIT margin of 10% remains target by 2026 and attractive dividend policy maintained with distribution of at least half of free cash flow generated
  • Intensification of e-commerce for the Group brands CALIDA, AUBADE, LAFUMA MOBILIER and COSABELLA – termination of the multi-brand webshop with processing costs of around CHF 3 million
  • COSABELLA still significantly behind acquisition targets – reassessment of business plan as part of strategy review leads to impairments and further expenses of CHF 39-49 million

"After the growth strategy defined in 2021 failed to deliver the planned business development, the CALIDA GROUP will concentrate on optimizing the business with the existing profitable Group brands over the next three years. Focusing on the operational excellence of our brands, our attention will be on solid organic growth and an above-average EBIT margin to create added value for our customers, shareholders and employees. As part of the strategy review, the business plan of the US lingerie brand COSABELLA was reassessed and required significant impairments. The consistent focus of the online business on our own brands allows us to intensify the profitable e-commerce operations”, comments Felix Sulzberger, Executive Chairman of the Board of Directors of the CALIDA GROUP.

New strategic thrust: operational excellence 
In the future, the CALIDA GROUP will focus on sustainably improving the profitability of the CALIDA, AUBADE and LAFUMA MOBILIER brands and on exploiting the growth potential of COSABELLA. By concentrating the expertise of CALIDA GROUP DGTL on CALIDA and AUBADE, the digital distribution channels can be expanded in a targeted manner and the online business intensified. The establishment of operational platforms at the Group level is no longer necessary, but the transfer of know-how between the brands is further promoted.

Focusing online business on the Group's own brands
Due to the announced organizational optimizations at CALIDA GROUP DGTL, around 20 jobs will be terminated in the course of the discontinuation of the loss-making multibrand webshop In addition, the closure is associated with write-downs on rental agreements and inventories. This will result in total processing costs for of around CHF 3 million. Various options for the takeover of by third parties are currently being examined. With this consolidation at CALIDA GROUP DGTL, the aim is to achieve further cost-optimized growth in e-commerce at CALIDA and AUBADE.

The planned divestment of ERLICH TEXTIL is expected in the fourth quarter of 2023, with the necessary value adjustments having already been made in the first half of 2023.

Impairments and optimization of COSABELLA’s brand strategy 
Sales of the US premium lingerie brand COSABELLA, acquired in spring 2022, remained at the previous year’s level in the first half of the year, as reported, thanks to the strong online business. Business development continues to lag significantly behind the original business case. The more cautious reassessment of the business potential led to an adjustment of the targets and thus to impairments (including goodwill and brand) of CHF 33-43 million and additional expenses of around CHF 6 million, which will be charged in 2023. The optimization of the brand strategy and the consistent integration of COSABELLA is now being driven forward. This is carried out in close cooperation with Silvia Campello, who has replaced Guido Campello as General Manager as of 31 August 2023. Silvia Campello has been with COSABELLA since 1998, most recently as Head of Finance and Operations.

EBIT margin of 10% targeted – sales and EBIT in 2023 below prior-year level
The CALIDA GROUP assumes that general conditions will remain challenging and that consumer sentiment will therefore be dampened. For the current financial year, currency-related sales and EBIT of the Group's continuing operations (excluding non-recurring expenses) are still expected to be below the high level of the previous year. In addition to the impairments of COSABELLA and the processing costs for totaling CHF 42-52 million, the impairments for ERLICH TEXTIL of CHF 19 million already commented on in the first half of the year will lead to a corporate loss in the current year. However, only CHF 5 million of these one-off expenses totaling CHF 61-71 million will be cash effective.

The new strategic alignment with the reduction of the brand portfolio, the abandonment of the development of Group platforms and the focus on operational excellence will already have a positive impact on the earnings situation in 2024. The strategy review has been completed with the value adjustments and modifications that have been made. The CALIDA GROUP continues to aim for an EBIT margin of 10% by 2026, with sales development above the local market. The attractive dividend policy of distributing at least half of the free cash flow generated will be maintained.

Eric Sibbern has decided to step down as a member of the Board of Directors following the successful completion of the strategic review in order to focus on his operational responsibilities at Veraison Capital. He played an active role in defining the new strategy and provided comprehensive support for the focus on operational excellence and further development of the online business. The Board of Directors thanks Eric Sibbern for his valuable contribution during the transition phase and regrets his resignation.

For further information, please contact: 
Calida Holding AG
Dave Mueller, CFO
Phone: +41 41 925 43 20

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

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

Conference Call: CALIDA GROUP Strategy 2026

Date:          Tuesday, 12 September 2023
Time:          10.00 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


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.