Barbara Bui: Stable Revenue but a Net Loss of €2M
In 2025, Barbara Bui recorded a revenue of €12.3M, nearly unchanged from 2024 (a variation of -€54K). However, this apparent stability masks a divergent trajectory: gross margin improved by 4 points to 79%, while net income deteriorated by €2.2M, shifting from a profit of €0.2M in 2024 to a loss of €2.0M. The group is undergoing a restructuring process, approved by a court ruling in January 2026, while trying to capitalize on the momentum of its direct channels.
Retail and E-commerce Drive Business, Wholesale Collapses
Amidst a disrupted economic and geopolitical environment, Barbara Bui maintained its activity level through internal resource reallocation. Retail activity generated €8.2M in revenue, up 20% year-on-year, particularly benefiting from the network of Parisian boutiques (growth of 12%). E-commerce continues to gain strength with a sustained increase of 52%. In contrast, Wholesale activity fell by 33% compared to 2024 (excluding private sales), hampered by unfavorable demand from international distributors. This major contraction could not be offset by the growth in direct channels, hence the apparent stability of the consolidated revenue.
Increased Gross Margin, but Devastating Financial Expenses
The gross margin rate reached 79% in 2025, improving by 4 points, reflecting a rigorous cost control strategy maintained by the management. Marketing expenses and administrative costs increased by 3% to €10M, showing contained control. However, the recurring operating result shows a loss of €0.3M, stable compared to 2024. The net result significantly deteriorated due to two factors: unfavorable exchange rate effects (a loss of €1.0M on the dollar position) and non-recurring expenses of €0.2M related to the judicial reorganization procedure of the parent company Barbara Bui SA. After a tax charge of €0.5M, the group's net result displays a loss of €2.0M.
Approved Continuation Plan and Digital Redeployment in 2026
By a judgment on January 9, 2026, the Paris Commercial Court approved the continuation plan presented as part of the judicial reorganization procedure opened on July 4, 2024. Out of a declared liability of €10.3M, €5.3M were retained: €0.6M in debt waivers, €1.1M in end-of-term repayment of shareholder current accounts, and €3.2M spread over 9 years. As of December 31, 2025, Barbara Bui has a cash reserve of €1.2M and reduced equity of €0.1M. The group intends to continue its recovery by relying on its fundamentals and the momentum of its own channels, while enhancing operational efficiency. The deployment of a new business software is planned for 2026 to support operational performance.
