VRG (formerly Vistula Group) in 2026: a Kraków fashion-and-jewellery holding, brands Vistula, Wólczanka, Bytom, Deni Cler and W.KRUK under one ticker

VRG (formerly Vistula Group) in 2026: five brands under one ticker, a Kraków fashion holding with stock-market heritage from 1993

VRG S.A. - headquartered at ul. Pilotów 10 in Kraków (postcode 31-462), registered in the KRS under number 0000047082 - is a Polish fashion-and-jewellery holding previously trading as Vistula Group. The company has operated in its current legal form (joint-stock company under KRS 0000047082) since 26 September 2001, but its stock-market history goes back to 1993 - making VRG one of Poland's longest continuously listed fashion-sector tickers, present on the Warsaw exchange for over 30 years. The rebrand from "Vistula Group" to "VRG" took place in 2017, in response to the expansion of the brand portfolio beyond Vistula.

Today the VRG ticker hosts five main brands:

• Vistula - formal men's clothing (suits, shirts, accessories). The founding brand, which gave its name to the historic group.
• Wólczanka - men's shirts and apparel. One of Poland's oldest fashion brands (since the 19th century).
• Bytom - formal men's clothing, formerly its own stock-market ticker, acquired by Vistula Group and folded into the portfolio.
• Deni Cler - premium women's clothing. Positioned in a higher price segment than competitors.
• W.KRUK - jewellery. A network of jewellery salons in Poland - strategically acquired in 2009.

VRG

KRAKÓW · KRS 0000047082 · SPÓŁKA AKCYJNA

Revenue

1.5 B PLN

ul. Pilotów 10, Kraków: Kraków cluster of consumer industries

The address ul. Pilotów 10, 31-462 Kraków, places VRG's management seat in the north-eastern part of Kraków, in the Małopolskie voivodeship - in the Czyżyny / Mistrzejowice district, near the Małopolska Technology Park. This is an office-and-industrial location typical for Polish consumer holdings with a manufacturing heritage (Vistula formerly had its own tailoring plants in Kraków and surroundings).

The company has a registered electronic-delivery address (ADE: PL-54166-19835-JDFIA-22) and a website at vrg.pl. Governance: a three-member management board (CEO plus two vice-presidents) and a five-member supervisory board. Under Polish PKD codes the principal activity codes include 47 (retail trade, including clothing and jewellery shops) - the key segment for most revenue - and 14 (manufacture of wearing apparel) and 32 (jewellery manufacturing, for the W.KRUK segment).

Polish fashion on the WSE: VRG as a multi-brand mass-mid niche issuer

In the Polish stock-listed fashion-and-jewellery sector VRG occupies a position as a multi-brand mid-scale issuer, alongside other tickers:

• LPP - global leader of Polish fashion (Reserved, Mohito, Cropp, House, Sinsay), WIG20, Gdańsk HQ.
• CCC / Modivo - leader of footwear and fashion e-commerce (after rebrand / merger), WIG20.
• VRG - niche formal brands plus jewellery, mWIG40, Kraków.

Three structural features of the VRG model that explain its mWIG40 positioning:

• Multi-brand portfolio as a cycle absorber - formal men's clothing (Vistula, Wólczanka, Bytom) is a segment less dependent on fashion cycles than mass brands (Reserved, Sinsay LPP). Premium women's (Deni Cler) has its own dynamic. Jewellery (W.KRUK) reacts differently to consumer cycles - particularly sensitive to gold prices and the wedding year. Each of these segments contributes cyclically at a different moment.
• Traditional tailoring as a brand moat - Vistula and Wólczanka have a strong position in the Polish formal-menswear segment. This is a business with recognisable names, loyal customers (wedding clients, corporate clients). Unlike fast fashion, per-unit margin is higher and customer churn lower.
• W.KRUK as an independent growth vector - jewellery in Poland grows structurally with the building of the middle class. W.KRUK as one of the most recognisable Polish jewellery brands benefits from this trend. This diversifies VRG beyond classical apparel-sector indicators.

Implication for the investment profile: generous dividend, consumer exposure, niche segment

“VRG is the classic case of a Polish multi-brand fashion holding with strong positions in niche segments (formal menswear, jewellery) and 30 years of stock-market heritage. Unlike LPP or CCC, whose valuations depend on global fast-fashion cycles, VRG operates in more stable segments - formal apparel and jewellery. This makes the ticker interesting for income investors, less so for those seeking aggressive growth.”

Three expected consequences for the company's 2026 investment profile:

• Generous dividend policy - VRG has historically paid dividends in the PLN 0.40–1.30 per share range (yield 4–10%), placing the company among the more generous Polish consumer holdings. In 2026 the policy remains oriented to regular payouts.
• Cyclical exposure to gold prices - the W.KRUK segment is around 25–30% of group revenue. A rise in LBMA gold prices feeds through to higher jewellery-procurement costs but also to retail prices (customers accept higher prices for gold jewellery when the metal appreciates). The margin remains stable across the raw-material cycle.
• Polish middle-class consumer cycle - formal menswear, premium womenswear, and jewellery are first-line discretionary segments. In a year of rising purchasing power (2024–2025) VRG records record results; in a consumer slowdown year - margin and sales compression.

For Małopolska itself, VRG is a multi-brand regional issuer - Kraków as the regional capital has strong mWIG40 representation (Comarch, Grupa Azoty, Ryvu, Mercator Medical, Stalprodukt), and VRG adds the consumer-retail segment to this cluster.

What you'll find in the VRG profile

The VRG S.A. profile in our database carries the full picture of the company: composition of the three-member management board (CEO plus two vice-presidents), the five-member supervisory board, the KRS registration history from 26 September 2001 (with traces of the 2009 W.KRUK acquisition, Bytom, and the 2017 Vistula Group → VRG rebrand), the registered address at ul. Pilotów 10 in Kraków, e-delivery status (ADE PL-54166-19835-JDFIA-22), website vrg.pl, and the assigned PKD codes classifying the activity as retail trade and apparel production. The profile is also available in English - important for international consumer-fund investors, since VRG is one of Poland's multi-brand fashion-and-jewellery holdings with the longest stock-market history.

Data: Polish KRS Court Register (KRS 0000047082); VRG S.A. - annual reports 2023–2025; PKD classification 47/14/32 (retail trade, apparel, jewellery); company history - Vistula 1948 (state-owned), WSE IPO 1993, S.A. 2001, W.KRUK acquisition 2009, Vistula Group → VRG rebrand 2017; editorial estimates for the position in the Polish fashion-and-jewellery sector, as of 2026-05-02.