European Lingerie Group: New CEO appointed to lead reorganisation
today Oct 17, 2019
Following the departure of Peter Partman, co-founder Indrek Rahumaa is now the CEO of the European Lingerie Group (ELG), formerly Lauma, the vertically integrated Swedish lingerie and beachwear specialist.
Rahumaa has announced a reorganisation of the group, aimed at boosting its profitability and expanding the business. He will be supported in this task by Evi Vandenzavel, who was appointed chief transformation officer.
In 2018, ELG bought French lingerie and beachwear e-tailer Dessus Dessous, and went through a complicated financial year, recording a 3.6% downturn in revenue, which fell to €77.2 million. Operating income decreased heavily, losing 39.6% to reach €413,000. The group had recently carried out a series of major investments, having bought Belarusian production company Yustyna Ltd, which changed its name to Senselle Ltd, and new manufacturing equipment for the Lauma Fabrics subsidiary.
ELG’s planned restructuring is aimed at “stimulating sales via a reorganisation of the group, in order to respond to the needs of the industry and its distribution channels, both undergoing significant change,” said Rahumaa, who added that “we are already working on a series of initiatives,” without however specifying the nature of the measures adopted.
An investor in ELG since 2004, Rahumaa is one of the founding members of the Baltic Cresco Investment Group and of Estonia's Tallin Stock Exchange. He has also been the chief financial officer of Estonian Air, a director of the Alta Capital Partners investment fund, and sat on the board of directors of Mieszko and of Silvano Fashion Group.
ELG operates through its subsidiaries Lauma Fabric (production of materials, straps and other elements), Felina International (with underwear brands Felina, Conturelle and Senselle) and e-tail site Dessus-Dessous. The group has 1,332 employees and serves 5,000 retailers in 46 countries. ELG claims to be one of the few vertically integrated groups in the European apparel industry, operating from garment production to distribution.
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