Le Coq Sportif
Photo Source Le Coq Sportif

Airesis S.A. Reports Decline in 2023 Revenues and Delays Annual Report

In 2023, Airesis S.A.’s unaudited consolidated revenues declined to 121 million Swiss francs, and the company recorded a negative EBITDA of 20 million Swiss francs and a loss of 36 million Swiss francs, via Fashion Network. Due to these financial challenges, Airesis has sought an extension from the regulator of the Swiss Stock Exchange to publish its 2023 annual report, planning to release it before June 30, 2024.

Airesis, an investment company based in Montreux, has shares listed on the Swiss stock exchange. Among its holdings is the French sportswear brand Le Coq Sportif, acquired in 2005 for 17 million Swiss francs. In a statement, the company noted that since the COVID-19 pandemic, it has provided support totaling 40 million Swiss francs to aid Le Coq Sportif’s development.

The value of the Le Coq Sportif shareholding in Airesis is now 90.6 million Swiss francs. The company highlighted that this value has risen by 83.8 percent, an increase of 41.3 million Swiss francs since its acquisition, positively contributing to the balance sheet.

Following the appointment of American footwear director Udi Avshalom in November 2022, Le Coq Sportif has rethought its strategy in the footwear sector. This strategic shift includes reducing the product range, improving comfort and quality, repositioning pricing, and changing purchasing methods.

Since the beginning of 2024, Airesis has reported impressive in-store results. Strong shoe sales momentum, a leading position in the textile sector of specialized retailers, and the impact of the 2024 Olympic and Paralympic Games are expected to drive a significant increase of around 40 percent in overall revenue for 2024.

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