Le Coq Sportif parent Airesis records annual loss

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.

The company has sought a new deadline to publish the 2023 annual report from the regulator of the Swiss Stock Exchange. The company plans to release the report before June 30, 2024.

Airesis is an investment company based in Montreux, with shares listed on the Swiss stock exchange. Among its holdings is French sportswear brand Le Coq Sportif, acquired in 2005 for 17 million Swiss francs. The company said in a statement that since the Covid-19 pandemic and in order to support Le Coq Sportif in its development, Airesis has provided support totaling 40 million Swiss francs.

The value of the Le Coq Sportif shareholding in Airesis is 90.6 million Swiss francs. The company added that the value of the Le Coq Sportif shareholding rose by 83.8 percent, an increase of 41.3 million Swiss francs since acquisition, which makes a positive contribution to the balance sheet.

After the appointment of American footwear director Udi Avshalom in November 2022, Le Coq Sportif has rethought its strategy in the footwear sector. As part of this, it was decided to reduce the range, improve comfort and quality, reposition the price and change purchasing methods.

Since the beginning of 2024, Airesis said that the in-store results have been impressive. Strong shoe sales momentum, combined with a leading position in the textile sector of specialised retailers, as well as the impact of the 2024 Olympic and Paralympic Games, indicate a significant increase of around 40 percent in overall revenue for 2024.