Slovak Apple products retailer iStyle is in dire straits

When Slovak Apple products retailer iStyle, part of the international Midis group, acquired larger rival m:zone (Branislav Rentka) in 2023, the plan was to raise the combined company's revenue to €85m in 2024 from the two firms' 2022 revenue of €77m. Reality has proven much worse: iStyle's loss widened 51% to €1.4m last year, and revenue fell 26% to €25.3m. Management attributes the poor results to excess staffing, differences in corporate culture, a lower-than-expected transfer of the customer portfolio, and strong market competition. It plans a return to profit in 2027 after optimizing its store network. The Midis group has had to lend its Slovak subsidiary €2.8m over the past two years.

(sme.sk)