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Rituals misses billion-euro turnover forecast

One of the stores belonging to retailer Rituals
Photo: Zoltan Tarlacz / Shutterstock.com

Dutch cosmetics chain Rituals had hoped to reach a turnover of a billion euros this year, but Covid-19 decided otherwise. The new aim: avoid a turnover drop.

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E-commerce doubles

Rituals is the latest victim of the Covid-19 crisis: the Dutch chain had hoped to raise its turnover from 865?million euros last year to the milestone of a billion euros now, but founder Raymond Cloosterman has now lowered his ambitions. Avoiding a (big) turnover drop is the best the chain can hope for, he said in an interview.

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There already are "some signs of recovery", Cloosterman told Dutch website RetailTrends: e-commerce has doubled in size since the start of the lockdown - even growing as much as fourfold during the lockdown itself. Online is already good for 20?% of the group's total turnover.

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Next year, the chain hopes to grow to 1040?stores, a target that remains unchanged despite the Covid crisis. The main expansion area is China, but Rituals sees European opportunities as well: the store network in France and Germany can still be doubled, Cloosterman hopes, while he also wants to expand to Italy, Poland and Russia.

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