Candy Group, which includes the brands Candy, Hoover and Rosières, increased its turnover for the 2017 financial year by 14 per cent to €1.14 billion (£1bn) from €1bn in 2016.
The group also reported a pre-tax profit of more than €44 million – up 3.8 per cent on the year before.
The appliances giant attributed this growth to a “focus on innovation and on the IoT.” It said it has plans to reach a turnover of €2 billion within the next four years and has invested €105 million in its 2017-2019 business plan for innovation, growth, marketing and communications.
The group has seen a 0.4 per cent increase in the market share of large household appliances.
The group also claimed to have gained a 61 per cent market share in the European washing machine segment.
Candy Group chief executive Beppe Fumagalli (pictured) said: “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. 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.”
“But what makes us unique is our DNA, able to combine Italian spirit, creativity, tradition and modernity in a synthesis that allows us to propose on the market innovative solutions and ideas capable to solve everyday problems. We have been studying consumers, their tastes, needs and expectations for over 70 years now, in order to offer the best experiences both in terms of product and service.”
The group’s turnover is largely achieved within the European Union, with the UK (21 per cent), France (18 per cent), Italy (17 per cent), the Iberian peninsula (6.5 per cent) and Germany (4.5 per cent) playing a leading role, together with Russia, which it said is currently growing strongly.