In addition, the company makes changes to its leadership team as Executive Vice President for Business area Terra, will leave the company, and Chief Sales officer Americas and President Americas, is stepping out of the Leadership Team.
Furthermore, Fiskars will continue to have direct-to-consumer organization within Business area Vita, which we view as logical step as majority of the DTC sales are generated in Vita, and as we believe DTC sales to be more challenging to ramp-up within other business areas due to the product range.
We view simplification as a logical step which should improve Fiskars brand recognition and improve efficiency as sourcing and sales channels of Terra and Crea are similar. In addition, given the challenging market conditions, we believe the company has been running behind its ambitions regarding both top line and profitability. We have anticipated market conditions to improve in 2024, while now announced cost savings should reduce estimate risks related to 2024.
Fiskars will host a CMD event on 2 November, where we expect it to present more tangible bridge towards targeted mid-teens EBIT margin by 2025. Refinitiv consensus has been expecting 12.6% EBIT margin by 2025. We have been 3% below consensus on adjusted EBIT for 2023E, while we have been 8% above consensus for 2024E and 3% above for 2025E.
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