Knitwear maker Rita grows revenue by 18.9% in 2025

Latvian knitwear manufacturer Rita says in its annual report that 2025 was significantly more successful than 2024, laying a stable foundation for future growth. The company's revenue rose 18.9% last year.

Production and staff growth

Output reached 567,714 units in 2025, up 16.2% from 488,517 units in 2024. The increase was driven partly by new production facilities set up in Gulbene, Liepāja and Rēzekne, bringing the company's total number of production units to five by year-end. Staff numbers nearly doubled, growing from 90 to 155 employees, while taxes paid to the state rose 35% compared to 2024.

Drivers of growth and the loss

Management attributes the growth to actively winning new clients in Scandinavia and Western Europe, participation in industry trade shows, and rising demand from existing clients. At the same time, the company recorded a loss linked to one-off costs tied to winding down its Lithuanian subsidiary and writing off previous investments there. Management stresses these costs are unrelated to any deterioration in core business profitability and represent a one-time effect on the 2025 financial result.

Plans going forward

In late 2025, Rita made significant investments in new, modern production equipment, which management says will allow it to expand its service offering, produce higher value-added goods, and attract a broader client base. For 2026, the company aims to keep increasing both production volumes and net revenue, targeting growth of roughly 30-49% compared to 2025.

In 2024, Rita posted revenue of €2.094 million and a loss of €492,388. The knitwear factory was founded in 1924, while the company itself was registered in 1992 with share capital of €780,260. Rita knits, dyes, finishes and sews textiles, producing knitwear for women, men and children, and exports 97% of its output, mainly to the Nordic countries. Its ultimate beneficial owner is Aleksandrs Sazonovs.