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Givaudan’s nine-month sales buoyed by fine fragrances

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AFP

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October 14, 2025

Shares in Swiss fragrances and flavours group Givaudan rose on Tuesday after the company reported ‘robust’ nine-month sales, easing concerns about a slowdown in the US, according to an analyst.

Givaudan has reported growth for the first nine months of the 2025 financial year

For the period from January to the end of September, the Geneva-based group posted sales of 5.7 billion Swiss francs (6.1 billion euros), up 5.7% excluding currency effects and acquisitions, and up 1.7% in Swiss-franc terms.

Growth was again driven by fine fragrance, with sales up 18.7% despite a demanding comparison base after several years of double-digit growth.

The group also continued to implement price rises to ‘fully offset’ higher ‘raw material costs’, including increased ‘customs duties’, it said in a press release.

In detail, its Fragrances and Beauty division, which also includes fragrances for laundry and personal care products, as well as skincare ingredients, generated sales of 2.9 billion francs, up 8% excluding currency effects and acquisitions compared with the same period a year earlier.

Sales in its flavours business for the food industry totalled 2.8 billion francs, up 3.4%. In North America, growth was at 3.9%.

Solid sales

These figures are in line with forecasts from analysts polled by Swiss agency AWP, who on average expected 5.7 billion francs in sales, including 2.9 billion in the Fragrances and Beauty division and 2.8 billion in flavours.

After opening more than 2% higher, shares were up by 0.86% at 08:28 GMT at 3,396 Swiss francs, bucking the trend of the SMI, the Swiss stock exchange’s flagship index, which was down 0.20%. Since January, the stock has fallen by almost 14%, which Daniel Bürki, an analyst at Zurich Cantonal Bank, attributes to ‘a general weakness in the food ingredients sector’ on the stock market, amid concerns about consumer spending.

In a market note, the analyst points to ‘a slight slowdown’ in third-quarter growth, although this was expected given the ‘very high’ comparison base. He considers the nine-month sales ‘solid’.

Arben Hasanaj, an analyst at Vontobel, also describes the sales as ‘robust’, saying they ‘dispel the markets’ immediate fears’, notably about ‘a weakening in the US’ or ‘a decline in perfumery’, he wrote in a market commentary.

Givaudan never issues short-term forecasts but always sets out a five-year roadmap. For the period to the end of 2025, the group was targeting sales growth of 4% to 5%, but says it is ‘very likely to exceed the upper limit’ of this target, as sales growth has already averaged 7.2% between 2021 and 2024.

At the end of August, Givaudan unveiled its objectives to 2030, this time targeting growth of 4% to 6% over the next five years.

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Swiss watch exports fell in November before US tariff reprieve

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December 18, 2025

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Bloomberg

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December 18, 2025

Swiss watch exports fell for a fourth month as companies waited for the US agreement to ease punitive import tariffs to take effect.

A watch by Tag Heuer – DMR/Tag Heuer

Exports dropped 7.3% in November from a year earlier, the Federation of the Swiss Watch Industry said Thursday, the most since August when President Donald Trump’s administration slapped a 39% levy on Switzerland’s products. Exports to the US, the industry’s biggest market, fell 52% last month.

Manufacturers of watches, machines, and precision instruments were among sectors hit hardest by the US trade tariffs on Switzerland, according to the country’s central bank. A deal to reduce the levy to 15% finally came on November 14, but companies only found out in December that the lower tariffs would be backdated to the day the agreement was announced.

Watch exports are likely to pick up in the coming months as the tariff deal reassures companies, Citigroup analyst Thomas Chauvet said in a note.

Still, Switzerland’s overall exports to the US rose in November, underscoring the challenging backdrop facing the watch sector. The 15% import levy is still higher than the 2% faced by companies before Trump’s trade measures.

Shares of both Richemont and Swatch Group AG slipped in early Zurich trading. Overall, exports were down in almost all price bands, and in every material, the Federation of the Swiss Watch Industry said.

Exports to Japan dropped, while the picture also turned negative in China after two months of growth. That’s dampening hopes for a recovery in luxury demand in the country, especially given its recent slow retail sales growth.

“The luxury watch sector enters 2026 with mixed fundamentals,” Vontobel analyst Jean-Philippe Bertschy said in a note. Asia comparisons will ease, he said, “but the US remains unpredictable, and discretionary spending in Europe is showing fatigue.”
 



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Patchy results for Bravissimo UK in transitional year after Wacoal takeover

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December 18, 2025

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December 18, 2025

Intimates and swim specialist Bravissimo Limited has filed its accounts for the period to the end of March and they showed much higher sales. However, it’s hard to get a clear picture of just how the company is faring. 

Bravissimo

The UK-based company is part of Bravissimo Group Limited, which acts as its holding entity, as well as being the holding company for the US arm of the business. 

That parent company was wholly acquired by Wacoal Europe Ltd partway through the period in late September last year. But the firm’s year-end date was changed to 31 March from 31 October at that point, which means the current period is 17 months against 12 months the ‘year’ before.

But with that in mind, its’s still worth looking at the figures for the UK operation.  

For the 17 months reported, the company’s revenue was £79.3 million. For the comparison period (the 12 months to the end of October 2023) it was £57.6 million. Gross profit in the latest period was £49 million compared to £36.2 million for the shorter period previously. The gross profit margin for the most recent extra long ‘year’ was 61.8% compared to 6.2% in the previous year. That’s because the elongated period included two autumn seasons and autumn and winter sales typically have lower margins due to fewer swimwear pieces being shifted (swimwear has higher margins).

But the company said that despite the challenging inflationary environment cost were well controlled and the reported operating profit for the 17 months was £1.4 million. Had the firm being reporting its financial year as it did previously, that figure would have been £2.6 million, up from £2.5 million the year before.

Bravissimo also said that it had more active customers at the end of the latest period compared to the previous year and its website traffic was up as well, although retail store footfall dropped slightly. The website conversion rate edged upwards and the retail conversion rate was broadly stable.

In the previous year, the company said it had fully recovered from the effects of the pandemic, but it’s likely that the current year will feature worse results than those just filed. 

In June 2025, the company said a warehouse fire meant disruption and delays to supply chains for its online customers. The fire was quickly extinguished, but the disruptions involving having to find temporary storage facilities. The brand stopped accepting orders online or over the phone until the issue was resolved.

It only reported being back online in late September but at least it said the business saw a 70% year-on-year rise in total sales on the day of its relaunch. Lingerie sales alone were up 90% compared to the same day last year.

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Pepco annual performance improves as Poundland is sold

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December 18, 2025

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December 18, 2025

Pepco’s preliminary results for FY25 showed the European value retail giant turning in a “strong financial performance” as it said “significant strategic execution delivers [a] transformational year”.

Pepco

The results, for the 12 months to the end of September, showed revenue rising 8.7% to €4.5 billion. Like for like (LFL) revenue growth was 2.6% after a 3% fall in the previous year. The gross profit margin rose to 48% from 47% and underlying EBITDA on an IFRS 16 basis was up 10.3% at €865 million. On a pre-IFRS 16 basis it was up 10.6% at €531 million. Underlying profit after tax rose 19.7% to €219 million.

All that came as the sale of Poundland was successfully completed in June 2025, “significantly simplifying the group structure”. 

Pepco’s FMCG exit was also completed including the conversion of most Pepco plus stores in Iberia, “generating encouraging results”.

The company also saw an improved performance in Poland and Western Europe in general and the acceleration of its digital journey with a new website, app and loyalty scheme ready for launch in Q1 FY26. 

It also said that the Dealz chain is now fully independent and the divestment process is intended to start next year as it explores strategic options for the business.

The big event during the year was the aforementioned sale of Poundland, the UK operation that had been a drain on the wider business in recent periods. With that now divested, it’s clear that the company is able to move forward and it confirmed that FY26 underlying EBITDA is expected to grow at least 9%.

That view is boosted by current trading. In the first financial quarter-to-date (1 October to 13 December 2025), Pepco LFL revenues have risen 3.9% excluding FMCG (LFL of +0.3% including FMCG). 

It saw a solid start to the quarter in October but this was partially offset by a weaker November in line with the broader market, before returning to growth in December.

Dealz, as mentioned, is next to be divested but for now it’s dragging down the overall company performance, Pepco saying that this reflects “challenging trading conditions across all categories, particularly in health and beauty”.

Commenting on the results overall, CEO Stephan Borchert said: “2025 was a real turning point… the group has executed at exceptional pace, delivering significant progress in a short timeframe. The decision to refocus on Pepco and exclusively on our core categories of clothing and general merchandise has been validated by these strong results, in particular our gross margin and free cash performance, which were both ahead of expectations.

“We opened 247 net new stores with strengthened store economics and returns on capital for Pepco across our geographies, as we progressed our disciplined opening plans in both Western Europe, and Central and Eastern Europe. The performance of Western Europe has become a clear growth engine, exceeding our initial expectations. It is clear this region is now prepared for future accelerated growth.

“The development of our digital capabilities is progressing as per plan, and we are on track for launch during calendar Q1 2026.”

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