Maraaz Perfume and cosmetics retailer Douglas, headquartered in Germany, decided to close 500 stores in Europe as the Covid-19 pandemic changed consumer habits.
Berlin
In the statement made by Douglas, it was stated that the company’s sales decreased by only 6.4 percent to 3.2 billion euros in the 2019-2020 fiscal year, despite the restrictions of the new type of coronavirus (Covid-19).
In the statement, which emphasized that the company’s e-commerce sales rose above 1 billion euros for the first time in 2020, it was stated that this caused the company sales to not decrease much in the Covid-19 crisis.
In the statement, it was emphasized that the restrictions that lasted for months in the Covid-19 pandemic accelerated the general trend for online shopping, therefore, it was noted that the closure of 500 of the company’s 2,400 stores in Europe will be completed by autumn 2022.
Meanwhile, Douglas’ profit before interest, depreciation, tax (EBITDA) also fell 16.7 percent in the 2019-2020 fiscal year to 292 million euros.
