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Business

Published on May 30th, 2018 | by The GC Team

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Candy Group claims highest European MDA growth

Italy’s Candy Group, owner of the Candy, Hoover and Rosières brands, has announced a net profit of €2.2 million for its 2017 financial year.

Revenues amounted to €1.148 billion, up from €1.006 billion in the previous year. The company said the result confirms for the second consecutive year that it is the group which has grown the most in Europe in the household appliance market.

Turnover was largely achieved within the EU, with the UK (21%), France (18%), Italy (17%), the Iberian Peninsula (6.5%) and Germany (4.5%) playing “a leading role” together with Russia, which is currently said to be growing strongly.

The privately-owned business, which is controlled by the Fumagalli family, said it is aiming to reach €2 billion within the next four years.

€105 million in investments to support the Group’s innovation and growth, and further investment specifically dedicated to marketing and communication, have been allocated in the firm’s 2017-2019 business plan. €15 million has been invested in the launch of a new production unit in Turkey which is dedicated to the manufacture of intelligent household appliances.

“The positive results of 2017 confirm the growth of Candy Group, which for the second year in a row has confirmed to be the group that grows the most in Europe in the market of large household appliances,” said Candy Group CEO Beppe Fumagalli.

“Thanks to an increasingly diversified and wider offer, particularly on the international brands Candy and Hoover, both in terms of product range and technological solutions, we are at the forefront of innovation on the European market.”

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