Moda
In a highly challenging 2020 ECCO stayed financially strong and continued investing in the future.
Despite the extraordinary circumstances during 2020, ECCO continued investing heavily in its distribution, acquiring e.g. the business in Russia and a large number of ECCO shops in the Middle East and the Netherlands . Major investments were made in digital platforms, advanced marketing capabilities, and infrastructure enabling product innovation. Investments in 2020 were at a record high of EUR 195m .
ECCO's development in direct-to-consumer sales continued, and net sales from retail and e-commerce combined grew by 2% supported by strong online sales growth of 34% and acquisition of shops. Overall, net sales saw a decline to EUR 1,092m (2019: EUR 1,360m ).
During 2020, ECCO remained profitable and financially strong. Eliminating the effects of acquisitions, the earnings were halved as also seen from EBITDA, which declined by 54% from 2019 to EUR 119m .
" " says ECCO's CEO Steen Borgholm .
To be even more relevant for consumers in the future, ECCO accelerated certain strategic initiatives. In 2020, a new brand and marketing expression #MovesLikeYou was piloted and shifted towards a more versatile product range such as sneakers and athleisure.
In continuation of ECCO's efforts over many years to constantly create a more sustainable footprint, efforts were taken one step further and a number of ambitious environmental targets were set. By 2030, ECCO aims to run on renewable energy and in its tanneries use bio-based chemicals and closed-loop water systems only, a real breakthrough in our industry.
For further information related to ECCO's Annual Report 2020, please contact press@ecco.com
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