Wolford improves results, appoints Silvia Azzali as CEO

Austrian hosiery specialist Wolford has reported an 8% increase in consolidated revenue for H1 2023, closed on June 30, reaching €58.8 million. Revenue in H1 2022 was €54.3 million.

Wolford stated that its revenue rise was driven by investments in successful marketing initiatives, collaborations with directional designers and its new, targeted and improved product range, featuring iconic designs and ad hoc seasonal capsule collections. “These initiatives have been important growth drivers at a time of continued geopolitical and macroeconomic challenges,” said Wolford.

Wolford’s EBIT improved significantly, growing by €5 million over the previous year. It was €12 million in the negative, as opposed to €17 million in the negative in H1 2022, equivalent to a 29% improvement. The group’s EBIT rallied further in Q2 2023.

Silvia Azzali named CEO

Wolford, which is owned by Chinese group Lanvin, expressed confidence in the fact that the restructuring measures it has undertaken, including consolidating its distribution operations in Milan, further cost reductions and additional marketing investments, will enable it to increase profitability for the long term.

Wolford also announced a “redistribution of commercial responsibilities within the board of directors, in connection with the recent appointment of Silvia Azzali as CEO.” Azzali has been a member of the group’s board since November 2019, in the role of chief commercial officer. She succeeds Axel Dreher, who left Wolford at the end of October 2019. She will be supported by Ralf Polito, who has held the post of chief operations officer since April this year.

With DPA