Weakened consumer confidence and reduced manufacturer orders have led to declining revenues across the global bed textiles sector.
BekaertDeslee, a Belgium-based mattress ticking supplier owned by German investment firm Haniel, reported a €26 million drop in revenue for 2024. Sales fell to €384 million, representing a 5.2% decline year-on-year, reversing a 4.4% increase recorded in 2023.
The company, which supplies many of the UK's leading bed manufacturers, was impacted by subdued demand in key global markets. European sales were down 6.7% to €125 million, while the Americas recorded an 8.1% fall to €182 million. This led to a goodwill write-down. The Asia/Pacific region bucked the trend with a 6.9% increase, rising to €77 million.
Haniel, which also owns mattress brand Emma, noted that both companies were affected by a "tense market situation" in the mattress industry throughout 2024. BekaertDeslee also faced pressure from wage inflation and restructuring costs, contributing to an €11 million drop in EBIT, though gross margins remained stable.
No profit figures were disclosed, but this marks the second consecutive year of decline for the company, following a €24 million revenue fall in 2023. The average number of employees also decreased slightly from 3,939 to 3,840.
The figures reflect broader challenges within the global mattress supply chain, with reduced consumer spending and cautious manufacturer buying patterns dampening performance across the sector.
Source: www.thefurnishingreport.com