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Waterford impairment of €10.4m


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Craftsman working at a lathe on glass at the Waterford Crystal factory owned by Fiskars

Craftsman working at a lathe on glass at the Waterford Crystal factory owned by Fiskars

Craftsman working at a lathe on glass at the Waterford Crystal factory owned by Fiskars

The trademark for Waterford Crystal, a manufacturer of crystal and luxury glassware, has suffered an impairment of €10.4m due to challenges in the US market.

Nasdaq-listed Fiskars, a Finnish group which acquired Waterford's then parent company for €400m back in 2015, reported the impairment in its latest results. This resulted in the value of the Waterford trademark falling to €38.1m.

During a call with analysts, Sari Pohjonen, chief financial officer of Fiskars, said the Waterford impairment was linked to trading in the US.

"And then we made, during Q4, a write-down on the Waterford trademark. Waterford is mostly present in the US market," she said. "And as you may recall, we have, during the past years, been talking a lot about rationalising our distribution in the US, making the right choices to where to distribute the brands.

"And on top of that, we all know that the US market, in general, hasn't been too rosy in the past few years, and this is now reflected in the situation here as well."

A Fiskars spokeswoman said the group had introduced a "new visual identity" to "reposition and revitalise the brand".

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