VRG Group improves y/y gross margin, regardless of lower sales

VRG S.A. sales reached PLN 102.9 million in August 2023, 9.1% less than in the same period a year earlier. Cumulatively in the first eight months of this year, VRG’s sales amounted to PLN 805.7 million (down 0.5% year-on-year).

VRG's jewellery segment recorded 8.8% growth in August, with revenues of PLN 59.4 million. The Group's clothing segment achieved sales of PLN 43.5 million, 25.8% less than last year. Online channels were responsible for 10.3% of sales in August (compared to 13.2% a year earlier).

- It was another month with good sales results in the jewellery segment and, looking more broadly, in the premium segment, which also includes the Deni Cler clothing brand. We are intensively developing the offer in the W.Kruk brand and we expect that the new collections will maintain the sales growth dynamics in this part of our business. –says Janusz Płocica, CEO of the VRG Group.

- At the same time, the Group's clothing segment was influenced in August by reduced demand in the "mid-priced market segment" brands, further burdened by inventory sales. We are in the process of implementing fundamental changes to this part of the company's business, in line with the VRG development strategy published in June. The Autumn/Winter 2023/24 season, which is already starting, will see collections enter the shops that give a first idea of the direction of these changes. Combined with the “back to work” effect, we expect to see increased sales in the clothing segment soon. We also hope to see an improvement in the economic situation, with lower inflation improving consumer sentiment and increasing their shopping appetite – adds the CEO of VRG.

The Group managed to improve its sales margin (it was 53.9% in August, compared to 49.7% in the same period a year earlier). After eight months of this year, the Group's margin stood at 54% (1 p.p. higher year-on-year).

In August 2023, the VRG group's brands operated in 52,100 m2 of retail space (0.3% larger than the previous year).


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VRG S.A. (former name Vistula Group S.A.) is a company listed on the Warsaw Stock Exchange S.A. since 1993.

The VRG S.A. Group specialises in the design and distribution of high-quality fashion collections for men and women and jewellery. It owns highly recognisable trademarks in five main lines: Vistula, Bytom, Wólczanka, Deni Cler Milano and W.KRUK. The VRG S.A. Group focuses on brand management, clothing and jewellery design and the development of its own sales network in both main segments (clothing and jewellery).

Media contact

VRG S.A. press office.