BUSINESS: Financial The De Rigo Group Reports Growth and Increased Profits in Year-End 2021 Report By Staff Wednesday, May 11, 2022 12:18 AM LONGARONE, Italy—The year 2021 closed on a positive note for global sales of the De Rigo Group, with net sales revenues of €421.6 million, as compared to €345.8 million in 2020, an increase of 21.9 percent. At constant exchange rates, the increase over 2020 would have been 24.6 percent. The group's wholesale division's revenues rose 25.2 percent to €224.8 million from the 2020 figure of €179.3 million. At constant exchange rates, the growth in sales over 2020 would be 28.4 percent.The markets that contributed the most to this growth, De Rigo's announcement said, are the U.S., Spain, Brazil, Italy, France, China and Turkey. “After two pandemic years, we are very happy to see this result, which encourages us to keep on doing better,” commented Ennio De Rigo, president of the De Rigo Group. “This important growth is the result of an upturn in sales and optimization of company processes, supported by a solid financial structure. "This commitment has allowed sales to return to a level close to pre-pandemic figures. In these first few months of 2022, we are unfortunately concerned about the increase in costs for energy and raw materials resulting from the terrible war between Russia and Ukraine, which is causing a lot of suffering and which we truly hope will be over soon.” The De Rigo Group's retail division's revenues were up 18.9 percent to €210.1 million, compared to €176.8 million in 2020, the company noted. Adjusted EBITDA, calculated adding depreciation in the period to profit from operations, grew 73.1 percent to €31 million, from €17.9 million in 2020, representing 7.4 percent of turnover. Adjusted EBIT reflects a profit of €19 million, compared to €6.1 million in 2020, representing 4.5 percent of turnover, as compared to 1.8 percent in the previous year. The final result is a net profit of €27.5 million, compared to a loss of €74.2 million in 2020. At Dec. 31, 2021, the net financial position of the De Rigo Group was positive by €100.9 million, as compared to a figure of €67.3 million registered on Dec. 31, 2020, the company said. De Rigo is a world leader in the design, production and distribution of premium-quality prescription eyewear frames and sunglasses. The group is one of the leading players in the eyewear industry due to retail chains General Optica (Spain), Mais Optica (Portugal), Opmar Optik (Turkey) and affiliate Boots Opticians (UK). Due to the extensive wholesale network managed by De Rigo Vision S.p.A., the group's products are distributed in approximately 80 countries, mainly in Europe, Asia and the Americas, through 17 companies and over 100 independent distributors. The group brands include: Lozza, Police, Sting and Yalea, and licences Aramis, Blumarine, Chopard, Diff Eyewear, Escada, Fila, Furla, Gap, John Varvatos, Jones New York, Lucky Brand, Mulberry, Nina Ricci, Philipp Plein, Tous, Trussardi, TUMI, Victor Hugo and Zadig & Voltaire.