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We are the leading omnichannel premium beauty destination in Europe. Our company was founded more than 200 years ago, and beauty has been deeply rooted in its history and DNA this entire time. With our unique assortment, available online and in our around 1,960 stores, it's our mission to inspire our customers to express their own interpretation of beauty – whatever that might be. As an international beauty group consisting of four brands, to us, ‘variety’ is more than just a word; it is a statement that inspires all that we do, every day.
When it comes to brands, we are the partner of choice thanks to our unique assortment of exclusive labels and our high-performing own brands. Our assortment spans fragrance, color cosmetics, skincare, haircare, accessories and beauty treatments. Offering the best brands, as well as an optimal customer experience, are our priorities.
For more than two centuries, the name DOUGLAS has been associated with more than just beauty and inspiration. We’re an international Beauty Group and an emblem of premium-quality, omnichannel retail.
At the DOUGLAS Group, we make life more beautiful, every day. For us, it’s simple: Being beautiful is all about feeling beautiful. A passion for people and helping them feel beautiful in their own skin is what unites the around 19,200 people who work for the DOUGLAS Group. These are the principles that guide our business.
Düsseldorf, 11 February, 2026 – Amid an ongoing challenging economic environment, the DOUGLAS Group demonstrates resilience by maintaining its strong market position with a total sales increase of 1.7% in the first quarter of the financial year 2025/26. The period from October to December 2025 was characterized by sales volatility across channels and markets, driven by consumer uncertainty and heightened price sensitivity – factors largely influenced by broader macroeconomic and geopolitical developments. These dynamics led to a more selective spending behavior of customers and to a promotion-driven demand in the market, exerting pressure on gross margins and resulting in an adjusted EBITDA margin of 19.9% (PY: 21.5%).
Sander van der Laan, CEO DOUGLAS Group, said: “The market in which we operate continues to grow and we maintain our strong position. However, with consumers currently thinking twice about spending, competition has gotten tougher, and price promotions have become more important for all players in the market. As a result of this development, market growth has slowed down across the board, with a flat development in our largest markets Germany and France mitigating the growth of other markets. That said, our business model remains highly profitable, and we're in an excellent position to benefit once the market regains pace. Our USP lies not only in the unique integration of retail stores and cutting-edge E-Com, but also in the exclusivity of our product range and service offering. We will develop and expand our range and expect it to provide further growth momentum.“
E-Com momentum and strong CEE performance
Sales performance varied across segments and channels throughout the quarter. Central Eastern Europe delivered a strong result with overall growth of 7.3%. Sales in the generally weaker French market climbed by 1.2%, while the DACHNL segment saw an increase of 0.6%. Supported by the network expansion, store sales grew 0.4% (like-for-like, “lfl”: -2.8%) compared to the prior-year period, whereas the Group’s E-Com business rose 4.2% year-on-year. E-Com momentum was also fueled by cross-channel services, including Click and Collect Express, which continue to enjoy high demand from customers and grew double-digit – underlining the attractiveness of omnichannel in beauty retail. The partner program has similarly developed well and grew strongly year-on-year.
The DOUGLAS Group continues to enhance its digital presence and business model for the future and with a clear focus on profitability. Beyond the strong net order intake increase, the partner program also saw a sharp rise in the number of unique partners while maintaining high curation standards in line with the overarching assortment strategy. The highly profitable Retail Media unit DOUGLAS Marketing Solutions also kept its growth trajectory with double-digit growth in both sales and earnings, reflecting a strong demand for its tailored marketing and data offerings during the peak season on one of Europe’s leading online platforms for premium beauty.
Serving as a connector between channels, the DOUGLAS App again demonstrated its important role in the Group’s business, with more than every third E-Com purchase made through the app.
Profitability impacted by pressure on gross margin
Uncertainty and price sensitivity among consumers, leading to the aforementioned intensified promotional activity throughout the market both in stores and E-Com, continued to weigh on the gross margin during the first quarter and affected overall profitability. Cost control measures to safeguard profitability were offset by temporary margin dilution due to ramp-up effects of new stores performance. Adjusted EBITDA decreased by 5.6% to 333.7 million euros, resulting in a margin of 19.9% (PY: 21.5%). Net leverage was 2.6x as of 31 December 2025 (31 December 2024: 2.3x), or 1.4x before leases.
Despite the lower adj. EBITDA, increased average inventory levels mainly due to store openings, as well as higher investments in the store network and IT infrastructure, the free cash flow remained strong with 464.4 million euros compared to 494.5 million euros in Q1 2024/25. The financial result in the quarter improved by around 5 million euros thanks to lower interest charges reflecting the continuous financial deleveraging, with net financial debt (excluding leases) reduced by more than 180 million euros to now 609 million euros.
High customer demand on Black Friday
The DOUGLAS Group and its retail brands experienced high customer demand during the sales highlight Black Friday in November: Web traffic on the DOUGLAS and NOCIBÉ online shops soared to more than 3.5 times the volume of regular Fridays, and demand peaked at approximately 25,000 orders per hour. On that day alone, the company processed nearly 358,000 orders across its 22 omnichannel markets. Notably, in Germany, the DOUGLAS App secured the number one spot among shopping apps in the iOS App Charts.
However, while key promotional events like Singles’ Day and Black Week proved highly attractive to customer, they also partially pulled forward demand originally expected for the Christmas business.
Sander van der Laan: “Following the post-pandemic upswing, the European premium beauty market is now facing headwinds from a variety of external factors. Geopolitical tensions, trade conflicts, and the rising cost of living have triggered consumer caution across the retail sector, especially in Germany, France and the Netherlands. Nevertheless, we delivered a solid performance as Europe’s leading premium beauty retailer. We remain focused on and fully confident in our strengths, such as our unique integration of retail stores and cutting-edge E-Com, our unrivaled assortment backed by exceptional brand power, as well as our loyal and growing customer base and highly motivated workforce.”
Development of assortment, store network and harmonization of IT landscape
Underscoring its ambition to offer customers the most relevant and distinctive range of brands in beauty retail, the Group is developing its assortment towards exclusivity as a key differentiator. In January, it has soft-launched the make-up brand about-face by world famous singer Halsey in online shops, with a full omnichannel rollout set for March 2026. Furthermore, it will launch the fragrance brand Orebella from famous model Bella Hadid at the end of February. Both are key exclusive launches in the financial year 2025/26 that set the DOUGLAS Group apart as the best place to shop.
As an integral part of its omnichannel strategy, the company continued developing its store network and opened 13 new own stores (net) between October and December 2025, bringing the total number of stores up to 1,972 (including franchise). Highlights included a flagship store in Cologne, Germany, on the Schildergasse, one of Europe’s most visited shopping streets, as well as the 170th store in Poland (Zawiercie). 22 stores were refurbished in the same period (including relocations).
To ensure its future-readiness, the DOUGLAS Group is harmonizing its IT landscape across the entire Group. Over the course of the last two years, it has already reached significant milestones in this multi-year transformation program and successfully completed twelve rollouts and four omnichannel warehouse integrations. As of today, ten out of 22 countries are operating on the full Group tech stack, with more to follow throughout 2026 and the coming years. Similarly, the Group has made strong progress in harmonizing its payment operations across countries and channels, which will bring cost benefits as well as an improved customer experience due to better credit card acceptance.
Guidance for 2025/26 remains unchanged
The full-year guidance remains unchanged, with expected sales between 4.65 and 4.80 billion euros, an adj. EBITDA margin of approximately 16.5%, and net leverage between 2.5x and 3.0x as of 30 September 2026.
On 26 February, the DOUGLAS Group will host its Annual General Meeting. Details on this year’s AGM, which will again be held in a virtual setting, are available on the DOUGLAS Group website.
Overview Financial Results (Q1 2025/26)
Sales per channel
Q1 2025/26 | Q1 2024/25 | Q1 2025/26 | Change | Change |
Group Sales | €1,646.4m | €1,673.8m | +1.7% | -0.3% |
Stores | €1,101.0m | €1,105.6m | +0.4% | -2.8% |
E-Commerce (incl. X-Channel) | €545.3m | €568.2m | +4.2% |
|
E-Commerce % of sales | 33.1% | 33.9% | +0.8ppts |
|
Sales per segment
Q1 2025/26 | Q1 2024/25 | Q1 2025/26 | Change (reported) | Change (lfl) |
Group Sales | €1,646.4m | €1,673.8m | +1.7% | -0.3% |
| €730.8m | €734.8m | +0.6% | -1.4% |
| €342.2m | €346.2m | +1.2% | -0.8% |
| €248.7m | €250.0m | +0.6% | -0.6% |
| €255.4m | €274.1m | +7.3% | +3.6% |
| €69.4m | €68.6m | -1.1% | +0.1% |
Key financial figures
Q1 2025/26 | Q1 2024/25 | Q1 2025/26 | Change (reported) |
Group Sales | €1,646.4m | €1,673.8m | +1.7% |
Reported EBITDA | €350.1m | €331.9m | -5.2% |
Adjusted EBITDA | €353.5m | €333.7m | -5.6% |
Reported EBIT | €260.3m | €234.5m | -9.9% |
Adjusted EBIT | €266.4m | €237.3m | -11.0% |
Net Income | €163.0m | €144.8m | -11.2% |
Free Cash Flow | €494.5m | €464.4m | -6.1% |
Ø NWC % of sales (LTM) | 5.4% | 3.6% | -1.8ppts. |
Segment Overview: DACHNL (Austria, Belgium, Germany, Switzerland, The Netherlands), France (France, Monaco), SE / Southern Europe (Andorra, Croatia, Italy, Portugal, Slovenia, Spain), CEE / Central Eastern Europe (Bulgaria, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Romania, Slovakia), PD/NB (Parfumdreams, Niche Beauty)
X-Channel refers to cross-channel services (Click & Collect, Click & Collect Express, in-store orders)
The DOUGLAS Group, with its commercial brands DOUGLAS, NOCIBÉ, Parfumdreams and Niche Beauty, is the number one omnichannel premium beauty destination in Europe. The DOUGLAS Group is inspiring customers to live their own kind of beauty by offering a unique assortment online and in around 1,970 stores. With unparalleled size and access to customers, the DOUGLAS Group is the partner of choice for brands and offers a premium range of selective and exclusive brands as well as own corporate brands. The assortment includes fragrances, color cosmetics, skin care, hair care, accessories as well as beauty services. Strengthening its successful omnichannel positioning while consistently developing superior customer experience is at the heart of the DOUGLAS Group strategy “Let it Bloom”. The winning business model is underpinned by the Group’s omnichannel proposition, leading brands, and data capabilities. In the financial year 2024/25, the DOUGLAS Group generated sales of 4.58 billion euros and employed more than 19,900 people across Europe. The DOUGLAS Group (Douglas AG) is listed at the Frankfurt Stock Exchange.
Peter Wübben
SVP Group Communications & Sustainability
Tel: +49 211 16847 6644
Mail: newsroom@douglas.de
Dafne Sanac
Director / Senior Principal Investor Relations
Tel: +49 151 55675545
Mail: ir@douglas.de
Düsseldorf, 3 February 2026 – After three successful years in the Management Board, Chief Commercial Officer (CCO) Philipp Andrée decided to leave the DOUGLAS Group at the end of February 2026 to pursue a new challenge outside the company. In the course of this change, the beauty retailer is adjusting the structure of its Management Board, which in future will consist of Sander van der Laan (CEO) and Marco Giorgetta (CFO). The responsibilities of the CCO will be allocated to the two Management Board members. To further strengthen governance, the company will establish a Management Committee to support the Management Board in translating the strategy into operational actions.
Dr. Henning Kreke, Chairman of the Supervisory Board, said: “With his profound knowledge, extensive experience, and great commitment, Philipp Andrée in the past years was a driving force behind the ongoing transformation of the DOUGLAS Group into a modern omnichannel retailer. On behalf of the Supervisory Board, I would like to sincerely thank him for his dedication, impactful contributions, and ongoing passion for the company.”
“With Philipp Andrée, we are losing a valued colleague and member of the Management Board”, Sander van der Laan, CEO of the DOUGLAS Group, said. “He has made a significant contribution to the further development of our sales channels into a strong omnichannel proposition, to an improved profitability and scaling of E-Commerce and to the digitalization of our business including a modernized IT landscape and the introduction of AI. Moreover, Philipp has successfully modernized our marketing and brand positioning and scaled our retail media business. We would like to thank him warmly for his engagement and many successful achievements for the Group and wish him all the best for the future. At the same time, we are using this opportunity to adjust our top management structures and responsibilities by establishing a Management Committee, comprising the Management Board as well as Chief Assortment & Purchasing Officer Stefanie von Albert, Chief Marketing Officer Rik Strubel and Chief E-Commerce Officer Marcel Uphues. We firmly believe that, with this governance and leadership team in place, we are well positioned to continue driving the DOUGLAS Group forward successfully.”
Philipp Andrée joined the DOUGLAS Group in January 2023 and as CCO has been responsible for the company’s omnichannel functions across both sales channels including E-Commerce, Store Operations and Formats, Marketing and CRM, Retail Media, Technology and Analytics/AI. He is also Chairman of the Supervisory Board of the Parfümerie Douglas Deutschland GmbH. Before joining the DOUGLAS Group, Andrée was a member of the Executive Board for Digital & Marketing at the Hamburg-based retail and coffee company Tchibo.
The DOUGLAS Group, with its commercial brands DOUGLAS, NOCIBÉ, Parfumdreams and Niche Beauty, is the number one omnichannel premium beauty destination in Europe. The DOUGLAS Group is inspiring customers to live their own kind of beauty by offering a unique assortment online and in around 1,970 stores. With unparalleled size and access to customers, the DOUGLAS Group is the partner of choice for brands and offers a premium range of selective and exclusive brands as well as own corporate brands. The assortment includes fragrances, color cosmetics, skin care, hair care, accessories as well as beauty services. Strengthening its successful omnichannel positioning while consistently developing superior customer experience is at the heart of the DOUGLAS Group strategy “Let it Bloom”. The winning business model is underpinned by the Group’s omnichannel proposition, leading brands, and data capabilities. In the financial year 2024/25, the DOUGLAS Group generated sales of 4.58 billion euros and employed more than 19,900 people across Europe. The DOUGLAS Group (Douglas AG) is listed at the Frankfurt Stock Exchange.
Peter Wübben
SVP Group Communications & Sustainability
Tel: +49 211 16847 6644
Mail: newsroom@douglas.de
Düsseldorf, 19 January, 2026 – In an ongoing challenging market environment,the DOUGLAS Group, Europe’s number one premium beauty retailer, started with a relatively steady sales performance into the financial year 2025/26. Based on preliminary figures, the company recorded sales of 1.67 billion euros in the first quarter from 1 October to 31 December 2025 (Q1 2024/25: 1.65 billion euros), showing an increase of 1.7% against the strong prior-year quarter when the Group reported 6.5% sales growth (excluding Disapo). The adj. EBITDA margin (preliminary) reached around 19.9% (Q1 24/25: 21.5%) impacted by pressure on gross margin, reflecting high price sensitivity of customers and product mix effects.
Business during the key promotional events Singles’ Day and Black Week performed relatively well, but also partially led to a forward pulling effect of Christmas purchases. While the month of November recorded the comparatively strongest sales results within the quarter, sales in December were weaker than expected, especially in Germany, France and the Netherlands; however, CEE continued to perform strongly. Store sales in the quarter grew 0.4%, supported by the continued development of the store network and the opening of 13 new locations (net), while online sales increased by 4.2%.
Sander van der Laan, CEO of the DOUGLAS Group, said: “The environment in which we operate remains challenging, with macroeconomic and geopolitical developments continuing to weigh on consumer sentiment and increase customers’ price sensitivity. Despite these conditions, the Group remains strongly positioned in the premium beauty market. With numerous strategic initiatives already being implemented, ongoing disciplined cost management and our strong market position we expect to grow profitably going forward.”
For the remaining quarters of 2026, the sales development of the DOUGLAS Group will be compared with lower growth rates in the previous year. The full-year guidance remains unchanged with expected sales between 4.65 and 4.80 billion euros, an adj. EBITDA margin of around 16.5%, and a net leverage between 2.5x and 3.0x as of 30 September 2026.
The full set of financial figures for the first quarter of the financial year 2025/26 (October to December 2025) will be published on 11 February 2026.
The DOUGLAS Group, with its commercial brands DOUGLAS, NOCIBÉ, Parfumdreams and Niche Beauty, is the number one omnichannel premium beauty destination in Europe. The DOUGLAS Group is inspiring customers to live their own kind of beauty by offering a unique assortment online and in around 1,970 stores. With unparalleled size and access to customers, the DOUGLAS Group is the partner of choice for brands and offers a premium range of selective and exclusive brands as well as own corporate brands. The assortment includes fragrances, color cosmetics, skin care, hair care, accessories as well as beauty services. Strengthening its successful omnichannel positioning while consistently developing superior customer experience is at the heart of the DOUGLAS Group strategy “Let it Bloom”. The winning business model is underpinned by the Group’s omnichannel proposition, leading brands, and data capabilities. In the financial year 2024/25, the DOUGLAS Group generated sales of 4.58 billion euros and employed more than 19,900 people across Europe. The DOUGLAS Group (Douglas AG) is listed at the Frankfurt Stock Exchange.
Peter Wübben
SVP Group Communications & Sustainability
Tel: +49 211 16847 6644
Mail: newsroom@douglas.de
Dafne Sanac
Director / Senior Principal Investor Relations
Tel: +49 151 55675545
Mail: ir@douglas.de
Düsseldorf, 18 December, 2025 – The DOUGLAS Group, Europe’s number one premium beauty retailer, has concluded the financial year 2024/25 with solid growth in sales and in line with its updated guidance. While the financial year got off to a good start in the first quarter (October – December 2024), consumer sentiment and spendings slowed down during the early months of 2025, especially in Germany and France. Following a turnaround in the third quarter, the July to September period saw a push in the E-Com business – overall profitability however was under pressure due to the challenging market conditions. For the full year and thanks in particular to significantly lower debt, the DOUGLAS Group more than doubled its net income. At the same time, it made major progress in the implementation of its targeted omnichannel strategy “Let it Bloom”.
Sander van der Laan, CEO DOUGLAS Group: “In a very volatile and thus challenging year, we have accomplished results within expectations. Going forward, we anticipate solid overall growth in Europe’s premium beauty market, but observe a changing consumer behavior compared to the highly dynamic post-pandemic years. As a leading player, we want to take advantage of the opportunities in this phase of market consolidation and rebalancing. We have the strength and ambition to further grow and also expect momentum from the ongoing expansion of our store network and by tapping into new markets – also outside of continental Europe. That’s why we consider a market entry in the Middle East where we see a great potential for our premium beauty business.”
FY 2024/25 results in line with expectations
In the financial year 2024/25, sales grew by 2.8%, or 3.5% excluding the sold-off online pharmacy Disapo, to 4.58 billion euros. Both stores with 2.5% (lfl: +0.2%) and E‑Com with 5.6% (excluding Disapo) contributed to overall growth. Sales from cross-channel services like Click & Collect Express – allocated to E-Com sales – have also developed exceptionally well.
Reported EBITDA was up 3.6%, amounting to 756.5 million euros and a rep. EBITDA margin of 16.5% (PY: 16.4%). Adjusted EBITDA declined 5.0% to 768.4 million euros and a margin of 16.8% (PY: 18.2%), also reflecting lower adjustments. Net income more than doubled to 175.4 million euros (PY: 84.0 million euros). Free Cash Flow was down -12.0% to 461.0 million euros (PY: 524.0 million euros). Average net working capital as a percentage of LTM Group sales improved to 4.4% (PY: 5.3%).
The DOUGLAS Group therefore achieved its guidance for the financial year 2024/25 – as updated on 20 March 2025 to reflect the changed market environment – across all four KPIs.
Final quarter of the financial year marked by strong E-Com performance
The DOUGLAS Group concluded the financial year with a solid fourth quarter: Group sales increased by 2.3%, or 2.6% excluding Disapo, to 981.9 million euros (lfl: +1.2%). Growth was driven by a strong E-Com performance, whereas the increase in store sales was attributed to the expansion of the network. All segments contributed positively to total sales. In the French market, which has been facing a downward trend, NOCIBÉ improved its position and gained share, and the DOUGLAS Group also gained stores share in the overall slightly growing German premium beauty market in the financial year 2024/25.
Store sales rose 0.6% year-on-year. Performance varied between segments: Compared to the prior-year period, sales increased in Central Eastern Europe (+6.4%) and Southern Europe (+2.2%), and were in line in the DACHNL region (-0.3%). In France, stationary sales saw a slight decline (-1.5%).
E-Com sales surged almost everywhere in Q4, accumulating to a 6.2% improvement year-on-year, or 7.3% excluding Disapo. Beyond the online pure player segment Parfumdreams / Niche Beauty (+17.5%), Central Eastern Europe (+13.8%) and France (+11.0%) showed the biggest growth rates.
Consistently tight cost management supported profitability in the fourth quarter; however, the gross margin was impacted by changing consumer behavior including higher price sensitivity, ongoing promotional competition and lower supplier bonuses. Reported EBITDA went down 15.1% to 129.8 million euros, corresponding to an EBITDA margin of 13.2% (PY: 15.9%). Adj. EBITDA decreased by 11.4% to 134.3 million euros, resulting in a margin of 13.7% (PY: 15.8%). Net leverage stood at 2.9x as of 30 September 2025 (30 September 2024: 2.8x), or 2.1x before IFRS16.
Targeted investments in growth initiatives and operational efficiency
To support its growth ambitions in a further evolving and rebalancing market environment, the Group continues to invest in strategic initiatives – including in IT capabilities, supply chain excellence and harmonized processes and systems across the entire organization to achieve a higher degree of standardization and operational efficiency. Moreover, the company evaluates and tests the use of artificial intelligence in different areas such as marketing or the user experience in the online shop.
Sander van der Laan: “We firmly believe in ‘Let it Bloom’ as the right strategy for us and omnichannel as the winning model for beauty retail. As we set our eyes on profitable growth, we continue to invest in the initiatives that will drive our business and efficiency – such as IT, E-Com and expansion.”
Potential expansion beyond continental Europe
The DOUGLAS Group is considering to expand beyond continental Europe and currently evaluates a market entry in the Middle East. With their thriving retail landscapes, rapidly developing economies, and a customer base with strong purchasing power, the GCC countries are predestined for the DOUGLAS Group’s premium beauty offering. A final decision will be made in the course of 2026.
Milestones across several strategic initiatives
In line with its commitment to the stationary shopping experience, the DOUGLAS Group continues to develop its store network: It has opened 35 new own stores (net) between July and September 2025, including the first flagship store in Tallinn, Estonia, and a new DOUGLAS store in the Swiss capital Bern. 36 existing own stores were refurbished (including relocations). In total, the company has refurbished 139 existing own stores (including relocations) and opened 74 new own stores (net) in 2024/25, elevating the number of stores as of 30 September 2025 to 1,959 (including franchise).
The Group has also achieved milestones in a number of further strategic initiatives: It has introduced three new exclusive brands (NEST, Iräye, Drybar) in Q4 and launched a new brand campaign platform to drive consistent and coherent communication across all 22 omnichannel countries.
Furthermore, it has made good progress in the rollout of its OWAC (“One Warehouse, All Channels”) supply chain model and getting fulfilment ready for future growth: The fifth OWAC warehouse near Warsaw, Poland, has commenced operations in August, enhancing service quality, delivery times and the customer experience. The OWAC currently handles all B2C orders and store deliveries in Poland and will serve six additional countries in the future. In Italy, OWAC operations transitioned to a modern and highly automated new warehouse: The move, while temporarily affecting the service rate during ramp-up, is expected to lead to significantly reduced logistics expenses. Finally, the company has recently signed a contract for its sixth OWAC warehouse in the Netherlands for the BENE region.
Guidance for financial year 2025/26 and mid-term targets
In light of the economic and market conditions leading to high price sensitivity among consumers, the DOUGLAS Group has provided its guidance for the financial year 2025/26 and expects sales between 4.65 and 4.80 billion euros, an adj. EBITDA margin of around 16.5%, and a net leverage between 2.5x and 3.0x as of 30 September 2026.
As key components to deliver on the latter, the company anticipates positive developments in average net working capital – expected below 4% of LTM sales – and capex (excl. leases), which are expected to be around 150 million euros.
Reflecting the focus on profitable growth, the Group also provided its mid-term targets for the next three years and expects to annually increase sales in the low- to mid-single-digits, sustain a stable adj. EBITDA margin, and reduce the net leverage to a range of 2.0x to 2.5x. The company anticipates to be in a position to consider paying a dividend at a net leverage of 2.0x to 2.5x.
Van der Laan: “Thanks to our dedicated employees, loyal customers and the strong relationships with our business partners, we have weathered a challenging year. Our markets evolve in a difficult environment, and we are well positioned to continue growing due to our effective omnichannel model and outstanding retail brands. We rely on our strengths and the strategic course we have set.”
Solid start into 2025/26 – trading statement on 19 January
The DOUGLAS Group has achieved a solid start into the new financial year 2025/26 and will provide more info on the performance in the first quarter in a trading statement on 19 January 2026.
Overview Financial Results (Q4 2024/25)
1. Sales per channel
Q4 2024/25 | Q4 2023/24 | Q4 2024/25 | Change | Change |
Group Sales | €959.9m | €981.9m | +2.3% | +1.2% |
Stores | €666.6m | €670.3m | +0.6% | -1.9% |
E-Commerce (incl. X-Channel) | €293.2m | €311.5m | +6.2% | +7.3% |
E-Commerce % of sales | 30.6% | 31.7% | +1.2ppts |
|
2. Sales per segment
Q4 2024/25 | Q4 2023/24 | Q4 2024/25 | Change (reported) | Change (lfl) |
Group Sales | €959.9m | €981.9m | +2.3% | +1.2% |
| €460.5m | €467.4m | +1.5% | +0.1% |
| €160.1m | €161.1m | +0.6% | -1.4% |
| €143.5m | €145.3m | +1.3% | -0.3% |
| €146.4m | €158.0m | +8.0% | +4.4% |
| €43.1m | €49.6m | +15.0% | +15.3% |
3. Key financial figures
Q4 2024/25 | Q4 2023/24 | Q4 2024/25 | Change (reported) |
Group Sales | €959.9m | €981.9m | +2.3% |
Reported EBITDA | €152.9m | €129.8m | -15.1% |
Adjusted EBITDA | €151.5m | €134.3m | -11.4% |
Reported EBIT | €62.0m | €27.3m | -56.0% |
Free Cash Flow | €58.8m | €48.2m | -18.0% |
Ø NWC % of sales (LTM) | 5.3% | 4.4% | -0.9ppts |
Overview Financial Results FY 2024/25
1. Sales per channel
FY 2024/25 | FY 2023/24 | FY 2024/25 | Change | Change |
Group Sales | €4,451.0m | €4,575.3m | +2.8% | +2.2% |
Stores | €2,999.5m | €3,075.7m | +2.5% | +0.2% |
E-Commerce (incl. X-Channel) | €1,451.4m | €1,499.7m | +3.3% | +5.7% |
E-Commerce % of sales | 32.6% | 32.8% | +0.2ppts |
|
2. Sales per segment
FY 2024/25 | FY 2023/24 | FY 2024/25 | Change (reported) | Change (lfl) |
Group Sales | €4,451.0m | €4,575.3m | +2.8% | +2.2% |
| €2,073.1m | €2,120.5m | +2.3% | +0.9% |
| €838.2m | €840.4m | +0.3% | -0.7% |
| €665.8m | €684.7m | +2.8% | +1.9% |
| €652.1m | €719.0m | +10.3% | +7.3% |
| €190.2m | €210.3m | +10.6% | +10.7% |
3. Key financial figures
FY 2024/25 | FY 2023/24 | FY 2024/25 | Change (reported) |
Group Sales | €4,451.0m | €4,575.3m | +2.8% |
Reported EBITDA | €730.3m | €756.5m | +3.6% |
Adjusted EBITDA | €808.6m | €768.4m | -5.0% |
Reported EBIT | €383.5m | €368.6m | -3.9% |
Net Income | €84.0m | €175.4m | +108.7% |
Free Cash Flow | €524.0m | €461.0m | -12.0% |
Segment Overview: DACHNL (Austria, Belgium, Germany, Switzerland, The Netherlands), France (France, Monaco), SE / Southern Europe (Andorra, Croatia, Italy, Portugal, Slovenia, Spain), CEE / Central Eastern Europe (Bulgaria, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Romania, Slovakia), PD/NB (Parfumdreams, Niche Beauty)
X-Channel refers to cross-channel services, e.g. Click & Collect Express.
The DOUGLAS Group, with its commercial brands DOUGLAS, NOCIBÉ, Parfumdreams and Niche Beauty, is the number one omnichannel premium beauty destination in Europe. The DOUGLAS Group is inspiring customers to live their own kind of beauty by offering a unique assortment online and in around 1,960 stores. With unparalleled size and access to customers, the DOUGLAS Group is the partner of choice for brands and offers a premium range of selective and exclusive brands as well as own corporate brands. The assortment includes fragrances, color cosmetics, skin care, hair care, accessories as well as beauty services. Strengthening its successful omnichannel positioning while consistently developing superior customer experience is at the heart of the DOUGLAS Group strategy “Let it Bloom”. The winning business model is underpinned by the Group’s omnichannel proposition, leading brands, and data capabilities. In the financial year 2024/25, the DOUGLAS Group generated sales of 4.58 billion euros and employed more than 19,900 people across Europe. The DOUGLAS Group (Douglas AG) is listed at the Frankfurt Stock Exchange.
Peter Wübben
SVP Group Communications & Sustainability
Tel: +49 211 16847 6644
Mail: newsroom@douglas.de
Dafne Sanac
Director / Senior Principal Investor Relations
Tel: +49 151 55675545
Mail: ir@douglas.de
Düsseldorf, 29 September 2025 – The DOUGLAS Group, Europe’s number one omnichannel premium beauty retailer, launches its new international brand campaign platform with the motto “WELCOME TO BEAUTIFUL”, inviting customers to explore all that beauty has to offer. As of today’s launch, the brand campaign platform will serve as an overarching narrative and unifying creative strategy for brand communication across all markets and channels, further strengthening the DOUGLAS brand.
“WELCOME TO BEAUTIFUL” – an invitation
“Our new brand campaign platform, “WELCOME TO BEAUTIFUL”, reflects our commitment to opening the door to an unlimited world of beauty that is more than skin-deep. We invite our customers to a place of inspiration, exploration, and self-expression, where they feel understood, seen – and most of all welcomed”, said Rik Strubel, EVP Group Marketing at the DOUGLAS Group. “Today, customers crave a sense of belonging, where beauty is not defined by rigid standards, but celebrated in all its forms. That’s exactly what DOUGLAS stands for, and what we want to convey with our new brand campaign platform.”
The campaign photos and videos feature a diverse range of people united by their passion for beauty as a means of individual self-expression. They emphasize beauty as an embodiment of confidence, diversity, and individuality. The brand color mint acts as a recurring element in all campaign assets, creating a unifying creative frame. The campaign platform was conceptualized by the creative agency THJNK and jointly developed further. Photographer Anna Daki and director Stini Roehrs realized the campaigns. Production was managed by Stink Berlin and RENEGAT Berlin.
One creative roof
Going forward, the brand campaign platform will serve as the overarching narrative and unifying creative strategy for future brand campaigns. “By aligning our marketing communication under one creative roof, we strengthen brand recognition, build long-term equity, and speak with one powerful, distinctive voice”, explained Rik Strubel.
In line with the DOUGLAS Group's omnichannel model, the brand campaign platform will be activated internationally across all channels – including TV, print, out-of-home, online, and stores – for a consistent and cohesive brand experience. Following its kick-off in October, the first campaigns to be launched under the brand campaign platform will be Singles’ Day, “Beauty Friday” (“Black Friday” as renamed by DOUGLAS), and Christmas. While each campaign has distinctive elements tailored to the occasion — such as mint-colored gifts for Christmas — they are recognizably linked by a unifying storyline and visual design, which underlines the versatility of the brand campaign platform.
The DOUGLAS Group, with its commercial brands DOUGLAS, NOCIBÉ, Parfumdreams, and Niche Beauty, is the number one omnichannel premium beauty destination in Europe. The DOUGLAS Group is inspiring customers to live their own kind of beauty by offering a unique assortment online and in around 1,920 stores. With unparalleled size and access to customers, the DOUGLAS Group is the partner of choice for brands and offers a premium range of selective and exclusive brands as well as own corporate brands. The assortment includes fragrances, color cosmetics, skin care, hair care, accessories as well as beauty services. Strengthening its successful omnichannel positioning while consistently developing superior customer experience is at the heart of the DOUGLAS Group strategy “Let it Bloom”. The winning business model is underpinned by the Group’s omnichannel proposition, leading brands, and data capabilities. In the financial year 2023/24, the DOUGLAS Group generated sales of 4.45 billion euros and employed around 19,200 people across Europe. It was named the World’s Top Company for Women in 2024 among all retail and wholesale companies by Forbes. The DOUGLAS Group (Douglas AG) is listed at the Frankfurt Stock Exchange.
Maren Peters
Senior Manager Group Communications
Tel: 0211168476644
Mail: newsroom@douglas.de
Düsseldorf, 14 August, 2025 – The DOUGLAS Group, Europe’s number one omnichannel premium beauty retailer, closed the third quarter of the financial year 2024/25 with solid growth and a significantly improved net income. Sales from April to June reached the mark of 1 billion euros, the first time in a third quarter.
Sander van der Laan, CEO of the DOUGLAS Group, said: “We have delivered solid overall growth and are on track to achieve our guidance for the current financial year. While customers in France keep a tighter hold on their spending, the good development in the vast majority of our 22 omnichannel markets brought us back to quarterly growth after a challenging second quarter. Our largest market, Germany, also picked up again and grew year-on-year. That said, we continue to do our homework: We remain committed to keeping SG&A costs under control and driving our strategic development, including strengthening our brand and advancing our supply chain and IT capabilities. These initiatives will make us more resilient in the future. We are confident that we are well positioned to seize the opportunities ahead in a market that continues to grow.”
Solid sales growth in Q3 – E-Com regained momentum
Group sales in the third quarter rose by 3.2% to 1.0 billion euros (lfl: +2.5%) – a return to year-on-year growth after the slight decline of -2.0% in the second quarter. Excluding the sold-off online pharmacy Disapo, Group sales increased by 4.0% year-on-year. Q3 sales benefitted from the calendar shift of Easter into April, which had previously led to a negative effect on Q2 sales.
Sales developed positively across all segments with the exception of France, which continues to suffer from subdued consumer sentiment. Central Eastern Europe – the fastest growing region – continued its strong sales trajectory with +10.5%. Parfumdreams / Niche Beauty sales increased by 19.2%, mainly due to a more effective commercial approach of Parfumdreams as well as ongoing strong development at Niche Beauty – driven by a constantly improved assortment. The prior-year quarter was further affected by temporary supply chain disruptions in the course of the integration of PD logistics into the omnichannel warehouse in Hamm, Germany. The DACHNL segment showed solid growth of 3.2%, with sales mainly driven by E-Com, store openings and refurbishments. Southern Europe grew sales by 1.4% and in France, NOCIBÉ reported a slight sales decline of -0.9%, but continued to gain market share in both stores and E-Com.
Group store sales rose by 2.1%, mainly driven by the expansion of the store network (lfl: -0.7%). Store sales in DACHNL grew by 1.3%, while Central Eastern Europe (+7.7%) and Southern Europe (+2.5%) accelerated their positive development. NOCIBÉ store sales went down by 1.6%. Store footfall was up in every segment except for France – leading to an overall increase of 5.7%, highlighting the relevance and attractiveness of the DOUGLAS brand in city centers and in shopping malls.
The E-Com business regained momentum: Sales growth outpaced stores in every segment except for Southern Europe, growing by 5.4% (excluding Disapo: +8.2%). E-Com sales in Central Eastern Europe continued to develop strongly and improved double-digit (+20.9%).
Significantly improved quarterly net result
The DOUGLAS Group safeguarded its profitability in the third quarter of 2024/25, reflecting a consistently tight cost management with lower SG&A expenses. Reported EBITDA improved by 1.4% to 154.6 million euros, corresponding to an EBITDA margin of 15.3% (PY: 15.6%). Adj. EBITDA decreased by -2.9% to 158.2 million euros, resulting in a margin of 15.7% (PY: 16.7%).
The net result improved significantly to a profit of 17.3 million euros (PY: -71.6 million euros), mainly as a result of the successful refinancing following the IPO in 2024 and subsequently lower interest payments. Net leverage stood at 2.7x as of 30 June 2025 (30 June 2024: 2.8x). The Group improved its average Net Working Capital as a percentage of LTM[1] Group sales to 5.0% (PY: 5.3%).
Solid performance in the first nine months
In the first nine months of the financial year 2024/25, the DOUGLAS Group delivered solid growth. Group sales increased by 2.9%, or 3.8% excluding Disapo, to 3.6 billion euros (lfl: +2.4%). Stores contributed 3.1% growth (lfl: +0.7%) and E-Com sales went up by 2.6%, or 5.2% excluding Disapo. Reported EBITDA rose by 8.5% to 626.7 million euros, resulting in a reported EBITDA margin of 17.4% (PY: 16.5%). Adjusted EBITDA amounted to 634.1 million euros, down -3.5% year-on-year (adj. EBITDA margin: 17.6%; PY: 18.8%). Free cash flow was 412.8 million euros (PY: 465.2 million euros) and net income rose to 161.3 million euros (PY: 12.2 million euros).
Execution of “Let it Bloom” strategy continues
The DOUGLAS Group continues to develop its store network and is making good progress in its ambition to open around 200 new stores by the end of the calendar year 2026 and refurbish around 400 existing ones. It has opened 22 new own stores between April and June 2025, including a new flagship store in Antwerp, Belgium, as well as a new NOCIBÉ flagship store with 300m² of sales area in Europe’s largest shopping center, Paris La Défense. 39 existing own stores were refurbished (including relocations). One store was closed in the same period. In the first nine months of the financial year, the DOUGLAS Group has opened 40 new stores (net) in total.
In the execution of its growth strategy “Let it Bloom”, the company reached further milestones:
2025 is a year of anniversaries for the DOUGLAS Group as the company celebrates not only the 25th birthday of its online shop and the 30th birthday of its loyalty program Beauty Card, but also the 115th year since the first DOUGLAS store opened its doors in Hamburg, Germany, on 1 June, 1910.
DOUGLAS Group confirms guidance for 2024/25
The DOUGLAS Group today confirmed its outlook for the current financial year. While the overall guidance remains unchanged, the company expects sales to be slightly above 4.5 billion euros (previously around 4.5 billion euros). The expectation of adj. EBITDA margin of around 17%, net income of around 175 million and average NWC of less than 5% of Group sales remains unchanged. In consideration of the global macroeconomic and political developments, the DOUGLAS Group will set up a new mid-term forecast as part of the business planning for the upcoming years and will thus comment on that at the full-year reporting in December.
Overview Financial Results (Q3 2024/25)
Sales per channel
Q3 2024/25 | Q3 2023/24 | Q3 2024/25 | Change | Change |
Group Sales | €977.1m | €1,008.1m | +3.2% | +2.5% |
Stores | €664.1m | €678.2m | +2.1% | -0.7% |
E-Commerce | €313.0m | €329.9m | +5.4% | +8.4% |
E-Commerce % of sales | 32.0% | 32.7% | +0.7ppts |
|
Sales per segment
Q3 2024/25 | Q3 2023/24 | Q3 2024/25 | Change (reported) | Change (lfl) |
Group Sales | €977.1m | €1,008.1m | +3.2% | +2.5% |
| €465.2m | €480.2m | +3.2% | +1.0% |
| €174.3m | €172.8m | -0.9% | -1.2% |
| €146.2m | €148.3m | +1.4% | +0.9% |
| €144.0m | €159.1m | +10.5% | +7.6% |
| €40.3m | €48.0m | +19.2% | +20.4% |
Key financial figures
Q3 2024/25 | Q3 2023/24 | Q3 2024/25 | Change (reported) |
Group Sales | €977.1m | €1,008.1m | +3.2% |
Reported EBITDA | €152.4m | €154.6m | +1.4% |
Adjusted EBITDA | €162.9m | €158.2m | -2.9% |
Reported EBIT | €69.2m | €55.5m | -19.8% |
Net Income | €-71.6m | €17.3m | +124.2% |
Free Cash Flow | €101.8m | €104.8m | +3.0% |
NWC % of sales (Ø LTM) | 5.3% | 5.0% | -0.3ppts |
Overview Financial Results 9M 2024/25
Sales per channel
9M 2024/25 | 9M 2023/24 | 9M 2024/25 | Change | Change |
Group Sales | €3,491.1m | €3,593.5m | +2.9% | +2.4% |
Stores | €2,332.9m | €2,405.3m | +3.1% | +0.7% |
E-Commerce | €1,158.2m | €1,188.1m | +2.6% | +5.3% |
E-Commerce % of sales | 33.2% | 33.1% | -0.1ppts |
|
Sales per segment
9M 2024/25 | 9M 2023/24 | 9M 2024/25 | Change (reported) | Change (lfl) |
Group Sales | €3,491.1m | €3,593.5m | +2.9% | +2.4% |
| €1,612.6m | €1,653.1m | +2.5% | +1.2% |
| €678.1m | €679.3m | +0.2% | -0.7% |
| €522.3m | €539.4m | +3.3% | +2.5% |
| €505.8m | €561.0m | +10.9% | +8.0% |
| €147.1m | €160.8m | +9.3% | +9.3% |
Key financial figures
9M 2024/25 | 9M 2023/24 | 9M 2024/25 | Change (reported) |
Group Sales | €3,491.1m | €3,593.5m | +2.9% |
Reported EBITDA | €577.4m | €626.7m | +8.5% |
Adjusted EBITDA | €657.1m | €634.1m | -3.5% |
Reported EBIT | €321.5m | €341.3m | +6.2% |
Net Income | €12.2m | €161.3m | +1217.4% |
Free Cash Flow | €465.2m | €412.8m | -11.3% |
Segment Overview: DACHNL (Austria, Belgium, Germany, Switzerland, The Netherlands), France (France, Monaco), SE / Southern Europe (Andorra, Croatia, Italy, Portugal, Slovenia, Spain), CEE / Central Eastern Europe (Bulgaria, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Romania, Slovakia), PD/NB (Parfumdreams, Niche Beauty)
[1] LTM = Last 12 months
The DOUGLAS Group, with its commercial brands DOUGLAS, NOCIBÉ, Parfumdreams and Niche Beauty, is the number one omnichannel premium beauty destination in Europe. The DOUGLAS Group is inspiring customers to live their own kind of beauty by offering a unique assortment online and in around 1,920 stores. With unparalleled size and access to customers, the DOUGLAS Group is the partner of choice for brands and offers a premium range of selective and exclusive brands as well as own corporate brands. The assortment includes fragrances, color cosmetics, skin care, hair care, accessories as well as beauty services. Strengthening its successful omnichannel positioning while consistently developing superior customer experience is at the heart of the DOUGLAS Group strategy “Let it Bloom”. The winning business model is underpinned by the Group’s omnichannel proposition, leading brands, and data capabilities. In the financial year 2023/24, the DOUGLAS Group generated sales of 4.45 billion euros and employed around 19,200 people across Europe. It was named the World’s Top Company for Women in 2024 among all retail and wholesale companies by Forbes. The DOUGLAS Group (Douglas AG) is listed at the Frankfurt Stock Exchange.
Peter Wübben
SVP Group Communications & Sustainability
Tel: +49 211 16847 6644
Mail: newsroom@douglas.de
John David Roeg
Investor Relations Lead
Tel: +49 160 5565762
Mail: ir@douglas.de
Düsseldorf, May 27, 2025 – The DOUGLAS Group celebrates its 115th anniversary as a retail company. On June 1, 1910 the sisters Anna and Maria Carstens opened the first store of “Parfümerie Douglas” in Hamburg, which has since grown into Europe's leading destination for premium beauty with around 19,000 employees and online and store presence in 1,900 locations in 22 countries. At the same time, the history of the DOUGLAS Group stands for female entrepreneurship and innovative spirit – values that remain integral parts of the company culture to this day. Between June 16 and 21, the company will celebrate its 115th anniversary at its Hamburg store at Jungfernstieg 24.
From Soap Factory to “Douglas Parfumery”
The origins of the DOUGLAS Group date back to 1821, when Scotsman John Sharp Douglas founded a soap factory in the city of Hamburg. He revolutionized soap production with his bold ideas: by using coconut oil, he managed to reduce the production time for soap from several days to just a few hours. He also had a keen sense of public relations, which is why the “J. S. Douglas Sons” brand quickly became popular beyond the city limits of Hamburg. In 1851, the “Chinese Sky Soap” was awarded a medal at the first World's Fair in London.
In 1910, Anna and Maria Carstens built on the success of “J. S. Douglas Sons”. They signed a license agreement with Berta Kolbe, the then manager of the soap factory, and obtained permission to use the company name, under which they opened the first “Parfümerie Douglas” on the high street Neuer Wall in Hamburg on June 1, 1910. With entrepreneurial foresight, strict customer focus, and a feel for the spirit of the times, the sisters created a brand that quickly established itself as a staple in Hamburg's shopping world and beyond, laying the foundation for an exceptional success story in German retail.
“With courage and passion, the Carstens sisters wrote German retail history that continues to this day,” said Sander van der Laan, CEO of the DOUGLAS Group. "We are carrying on this legacy by constantly providing new impulses and actively shaping trends – whether in our stores, in online shopping or in social commerce. Wherever our customers come into contact with DOUGLAS, we offer a comprehensive shopping experience that consistently puts them at the center of attention."
How the DOUGLAS Group is carrying on the legacy of the Carstens sisters
The history of the DOUGLAS Group shows that female entrepreneurship has always been an integral part of the company's identity. Born out of the vision of two sisters, many women have since driven the Group's continuous growth with passion and dedication. And this is still the case today: more than 80% of the DOUGLAS Group's managers are women. In 2024, Forbes Magazine and Statista named the company one of the best employers for women, ranking number three worldwide in the wholesale and retail sector and number one in Germany.
Continuous development and innovative strength have made DOUGLAS one of the best-known and most successful German retail brands in Europe. Thirty years ago, the company introduced a customer loyalty program that is now one of the most successful of its kind, with around 62 million Beauty Cards held across Europe. The first online shop was launched 25 years ago. Now the DOUGLAS Group generates around one-third of its annual consolidated sales in digital retail, with sales of around 1.5 billion euros. DOUGLAS has thus successfully transformed itself from a purely brick-and-mortar retailer into an omnichannel provider like hardly any other retail company. In numerous countries, the name “DOUGLAS” is synonymous with premium products, shopping experience, and expert advice, and the company's mint color has iconic status.
Today, the DOUGLAS Group is placing its “Let it Bloom” strategy at the heart of its activities. At its core is the continuous development of the omnichannel model: DOUGLAS offers a cross-channel shopping experience that combines advice and inspiration in its stores, online shop, and app. This is based on a very broad product range and an outstanding brand, combined with a clear guiding principle that builds on passion, appreciation, and ownership: “Make Life More Beautiful.”
Anniversary celebrations at the DOUGLAS store at Jungfernstieg 24 in Hamburg
To mark its 115th anniversary, celebrations will be held at the DOUGLAS store at Jungfernstieg 24 in Hamburg between June 16 and 21. Customers will have the opportunity to take part in a series of exclusive promotions and benefit from discounts. The offer creates a link between tradition and a modern shopping experience. The Jungfernstieg location, with its historical significance as the direct successor to the first “Parfümerie Douglas,” provides the ideal setting to bring 115 years of DOUGLAS to life for the public.
The DOUGLAS Group, with its commercial brands DOUGLAS, NOCIBÉ, Parfumdreams and Niche Beauty, is the number one omnichannel premium beauty destination in Europe. The DOUGLAS Group is inspiring customers to live their own kind of beauty by offering a unique assortment online and in around 1,900 stores. With unparalleled size and access to customers, the DOUGLAS Group is the partner of choice for brands and offers a premium range of selective and exclusive brands as well as own corporate brands. The assortment includes fragrances, color cosmetics, skin care, hair care, accessories as well as beauty services. Strengthening its successful omnichannel positioning while consistently developing superior customer experience is at the heart of the DOUGLAS Group strategy “Let it Bloom”. The winning business model is underpinned by the Group’s omnichannel proposition, leading brands, and data capabilities. In the financial year 2023/24, the DOUGLAS Group generated sales of 4.45 billion euros and employed around 19,200 people across Europe. It was named the World’s Top Company for Women in 2025 among all retail and wholesale companies by Forbes. The DOUGLAS Group (Douglas AG) is listed at the Frankfurt Stock Exchange.
Katinka Kohn
Corporate Communications Manager
Tel: +49 211 16847 6644
Mail: newsroom@douglas.de
Düsseldorf, 15 May, 2025 – The DOUGLAS Group, Europe’s number one omnichannel premium beauty retailer, completed the second quarter of the financial year 2024/25 with a slight decline in sales while at the same time significantly improving its net income. Rising global economic and political uncertainties increasingly impacted the premium beauty sector since the beginning of the year, resulting in lower footfall and fewer online visits. Like many other market players, the DOUGLAS Group was also affected by this development.
Sander van der Laan, CEO of the DOUGLAS Group, said: “We have responded decisively to the slowdown in consumer traffic and demand for premium beauty by initiating several stabilization measures, reviewing our expenditures and capex allocation. Undeterred by the market situation, we remain fully convinced of the strengths of our omnichannel business model, our unparalleled offering and unique brand as well as our passionate team. As the leading premium beauty retailer in Europe, we are strongly positioned in both the store business and online. We expect the global economic landscape and thus the premium beauty market to recover in the medium-term. And we are well prepared to seize the opportunities that will then arise.”
Q2 marked by outside factors – Central Eastern Europe sales continue to grow strongly
As a result of the increasing market weakness and customer uncertainty, Group sales in the second quarter decreased by 2.0% to 939.0 million euros (lfl: -2.5%). Group sales excluding the sold-off online pharmacy Disapo decreased by 1.0%. Quarterly performance was also influenced by one less day of trading due to the leap year 2024 (29 February 2024) and the calendar shift of Easter into Q3. Indeed, sales in April 2025 were above previous year’s figures.
Impacted by several external factors, sales from January to March developed differently across segments and channels. Central Eastern Europe continued to grow strongly with an increase of 7.6%. While sales in Southern Europe (+0.4%) remained largely flat, weakened consumer sentiment was prominent in DACHNL (-3.7%), France (-2.5%) and at Parfumdreams / Niche Beauty (-0.7%).
Store sales remained flat at -0.1% (lfl: -2.4%), supported by the expansion of the network with a high number of openings in the last twelve months. Store sales in DACHNL and France decreased 2.8% and 2.0% compared to the prior year period. Central Eastern Europe (+5.5%) and Southern Europe (+1.6%) continued to grow, yet at a slower pace. E-Com sales declined by 5.6% and by 2.6% excluding Disapo. In Central Eastern Europe, online sales continued to expand and grew 14.6%. The Group’s online business accounted for around a third of sales in the second quarter.
Improved net income and continued cost discipline
The DOUGLAS Group retained a relatively healthy level of profitability in the second quarter of 2024/25. Reported EBITDA improved by 14.5% to 122.0 million euros, corresponding to an increased margin of 13.0% (PY: 11.1%). Year-on-year growth was driven by significantly lower adjustments. Adj. EBITDA came in at 122.4 million euros, resulting in a margin of 13.0% (PY: 15.2%).
Net income improved significantly by 54.0% to -19.0 million euros (PY: -41.3 million euros), mainly due to a substantially lower negative financial result as a result of the IPO proceeds and successful refinancing in 2024. Net leverage stood at 2.8x as of 31 March 2025 (31 March 2024: 2.7x), impacted by lease investments relating to store openings, contract renewals and supply chain operations. At the same time, net financial debt was down around 96 million euros. Average LTM Net Working Capital (NWC) as a percentage of Group sales improved 0.2ppts. to 5.3% (Q2 2023/24 LTM: 5.5%).
Robust half-year performance
In the first half of the financial year (October 2024 to March 2025), the DOUGLAS Group generated sales of around 2.59 billion euros – an increase of 2.8% (lfl: +2.4%). Group sales excluding Disapo rose 3.7%. Reported EBITDA grew 11.1% to 472.1 million euros. Adj. EBITDA amounted to 475.9 million euros, a decrease of 3.7%. Store sales grew 3.5% (lfl: +1.4%), while E-Com sales increased 1.5% (E-Com excluding Disapo: +4.0%). Net income rose sharply to 144.0 million euros, an improvement of 71.7%, mainly driven by higher sales, lower operating expenses, and a significantly improved financial result. Free cash flow came in at 308.0 million euros (PY: 363.4 million euros).
Stabilization measures take effect
Following the slowdown in the premium beauty market, the DOUGLAS Group already launched several countermeasures to drive sales, stabilize its gross margin and safeguard profitability, including SG&A (sales, general and administrative) cost reductions and tightening of NWC.
Continued investments in “Let it Bloom” strategy
The DOUGLAS Group continues to develop its store network and is making good progress in its ambition to open around 200 new stores by the end of the calendar year 2026 and refurbish around 400 existing ones. It has opened 9 new own stores between January and March 2025. 28 existing own stores were refurbished (including relocations). 11 stores were closed in the same period. In the first six months of the financial year, the DOUGLAS Group has opened 17 new stores (net) in total.
The Group also continues to implement sustainability in its store network and has initiated a broad rollout of Green Lease agreements – distinct contracts between landlord and tenant which include a specific legal clause that aims for more environmentally friendly real estate use through mutual sharing of responsibility. Agreements have already been finalized with major property owners in the retail sector, covering around 170 DOUGLAS and NOCIBÉ stores. The company is actively engaged in advanced discussions with further landlords, with a wider implementation planned for the future.
Irrespective of the challenging environment, the DOUGLAS Group remains firmly convinced of its omnichannel business model as the winning formula for premium beauty. It continues to invest in its growth strategy “Let it Bloom” and has recently achieved a number of milestones in key initiatives:
DOUGLAS Group confirms guidance for 2024/25
To reflect the changed market environment, the DOUGLAS Group revised its guidance for the financial year 2024/25 on 20 March 2025. The company today confirmed this outlook and continues to expect sales of around 4.5 billion euros, an adj. EBITDA margin of around 17% and a net income of around 175 million euros. Average NWC is expected to amount to less than 5% of Group sales. In consideration of the global macroeconomic and political developments as well as the sentiment in the beauty markets, the company will set up a new mid-term forecast as part of the business planning for the upcoming years and will thus comment on that at the full-year reporting in December.
Overview Financial Results (Q2 2024/25)
Sales per channel
Q2 2024/25 | Q2 2023/24 | Q2 2024/25 | Change | Change |
Group Sales | €958.4m | €939.0m | -2.0% | -2.5% |
Stores | €626.9m | €626.1m | -0.1% | -2.4% |
E-Commerce | €331.5m | €312.9m | -5.6% | -2.5% |
E-Commerce % of sales | 34.6% | 33.3% | -1.3ppts |
|
Sales per segment
Q2 2024/25 | Q2 2023/24 | Q2 2024/25 | Change (reported) | Change (lfl) |
Group Sales | €958.4m | €939.0m | -2.0% | -2.5% |
| €459.4m | €442.2m | -3.7% | -4.7% |
| €168.5m | €164.3m | -2.5% | -3.4% |
| €141.9m | €142.5m | +0.4% | -0.9% |
| €136.2m | €146.5m | +7.6% | +4.4% |
| €43.7m | €43.4m | -0.7% | -1.0% |
Key financial figures
Q2 2024/25 | Q2 2023/24 | Q2 2024/25 | Change (reported) |
Group Sales | €958.4m | €939.0m | -2.0% |
Reported EBITDA | €106.6m | €122.0m | +14.5% |
Adjusted EBITDA | €145.9m | €122.4m | -16.1% |
Net Income | €-41.3m | €-19.0m | +54.0% |
Free Cash Flow (FCF) | €-96.0m | €-186.5m | -94.2% |
NWC % of sales (Ø LTM) | 5.5% | 5.3% | -0.2ppts |
Overview Financial Results (H1 / 6M 2024/25)
Sales per channel
H1 2024/25 | H1 2023/24 | H1 2024/25 | Change | Change |
Group Sales | €2,514.0m | €2,585.4m | +2.8% | +2.4% |
Stores | €1,668.8m | €1,727.2m | +3.5% | +1.4% |
E-Commerce | €845.2m | €858.2m | +1.5% | +4.1% |
E-Commerce % of sales | 33.6% | 33.2% | -0.4ppts |
|
Sales per segment
H1 2024/25 | H1 2023/24 | H1 2024/25 | Change (reported) | Change (lfl) |
Group Sales | €2,514.0m | €2,585.4m | +2.8% | +2.4% |
| €1,147.4m | €1,173.0m | +2.2% | +1.2% |
| €503.8m | €506.5m | +0.5% | -0.5% |
| €376.1m | €391.1m | +4.0% | +3.3% |
| €361.8m | €401.9m | +11.1% | +8.0% |
| €106.9m | €112.8m | +5.5% | +5.1% |
Key financial figures
H1 2024/25 | H1 2023/24 | H1 2024/25 | Change (reported) |
Group Sales | €2,514.0m | €2,585.4m | +2.8% |
Reported EBITDA | €425.0m | €472.1m | +11.1% |
Adjusted EBITDA | €494.2m | €475.9m | -3.7% |
Net Income | €83.9m | €144.0m | +71.7% |
Free Cash Flow (FCF) | €363.4m | €308.0m | -15.3% |
Segment Overview: DACHNL (Austria, Belgium, Germany, Switzerland, The Netherlands), France (France, Monaco), SE / Southern Europe (Andorra, Croatia, Italy, Portugal, Slovenia, Spain), CEE / Central Eastern Europe (Bulgaria, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Romania, Slovakia), PD/NB (Parfumdreams, Niche Beauty)
The DOUGLAS Group, with its commercial brands DOUGLAS, NOCIBÉ, Parfumdreams and Niche Beauty, is the number one omnichannel premium beauty destination in Europe. The DOUGLAS Group is inspiring customers to live their own kind of beauty by offering a unique assortment online and in around 1,900 stores. With unparalleled size and access to customers, the DOUGLAS Group is the partner of choice for brands and offers a premium range of selective and exclusive brands as well as own corporate brands. The assortment includes fragrances, color cosmetics, skin care, hair care, accessories as well as beauty services. Strengthening its successful omnichannel positioning while consistently developing superior customer experience is at the heart of the DOUGLAS Group strategy “Let it Bloom”. The winning business model is underpinned by the Group’s omnichannel proposition, leading brands, and data capabilities. In the financial year 2023/24, the DOUGLAS Group generated sales of 4.45 billion euros and employed around 19,200 people across Europe. It was named the World’s Top Company for Women in 2024 among all retail and wholesale companies by Forbes. The DOUGLAS Group (Douglas AG) is listed at the Frankfurt Stock Exchange.
Peter Wübben
SVP Group Communications & Sustainability
Tel: +49 211 16847 6644
Mail: newsroom@douglas.de
Stefanie Steiner
Director Investor Relations and M&A
Tel: +49 211 16847 8594
Mail: ir@douglas.de
