SPÓŁKA AKCYJNA
Modivo
Modivo Spółka Akcyjna
SPÓŁKA AKCYJNA
Listed on the Warsaw Stock ExchangeModivo Spółka Akcyjna
MODIVO S.A. (CCC S.A. until 2026) is a Polish fashion group headquartered in Polkowice - one of the largest European companies in the footwear and apparel segment. It operates in 20 European markets with a network of about 1,231 brick-and-mortar stores at the end of October 2025 and strong e-commerce. The group's sales formats include CCC, HalfPrice, eobuwie, MODIVO, Worldbox, Boardriders, Warsaw Sneaker Store, SK Store and Sklep Biegacza. In 2024 it delivered PLN 10.303 billion in revenue and PLN 1.635 billion EBITDA. Listed on the Warsaw Stock Exchange since December 2004; rejoined WIG20 in 2025. Founder Dariusz Milek controls the company through ULTRO entities (33.29% of capital, 38.52% of votes).
What Modivo actually sells and operates.
The Group's flagship footwear banner, founded in 1996 (as 'Zolta Stopa' stores, then CCC from 1999). Mainstream value/price retail in footwear. Brick-and-mortar networks across Poland and CEE, gradually replacing some own brands with licensed brands (Reebok and others). Plans to add ~400 new stores by 2030.
Off-price retail launched in 2021. Customer seeks branded goods at reduced prices (model close to TJX/T.J.Maxx). In 2024 debuts in Spain and Bulgaria - reaching 13 markets total. The largest space-expansion contributor in the strategy - around 350 new stores and +800k m2 by 2030.
Leader of Polish online footwear retail, acquired by CCC in 2016. From 2025 a new physical store format with product display. Plan to add ~350 stores in the new concept by 2030. Tech stack: esize.me service (3D foot scanning).
Premium full-price e-commerce - branded fashion and footwear in the mid-to-high segment. Marketplace launched 2022. MODIVO is to become the 'profit center' of the Group's entire e-commerce - full consolidation of online under one banner; logistics, photography and check-out services for all formats.
New sportswear format with licensed-brand apparel. In 2024 the Group bought 10% in MKRI Sp. z o.o. managing the Kaes chain (~150 stores in Poland). Kaes stores are being gradually converted to Worldbox. Target: nearly 1,400 stores across Poland and CEE by 2030.
Stores with Roxy, DC Shoes, Quiksilver and Billabong apparel and footwear. Acquired by the Group in 2024, broadening the licensed-brand portfolio in sport and streetwear.
Three smaller specialty formats completing the portfolio: Warsaw Sneaker Store (premium sneakers), SK Store (basketball store), Sklep Biegacza (runners' store). Slot into the Group's segmentation pyramid.
2024 revenue
PLN 10.3 bn
2024 EBITDA
PLN 1.64 bn
Stores (Oct 2025)
1,231
Employees
15,704
Markets
20 countries
Market cap (May 2026)
~PLN 7.4 bn
Market capitalisation
6.01B PLN
Ranked #29 among the largest Polish companies in WIG-POLAND.
No arrears identified in the analyzed sources
No arrears or bankruptcy proceedings identified in the analyzed sources.
Main activity
47.72.ZRetail sale of footwear and leather goods in specialised stores
Other activities
Selected excerpts from our analysis of Modivo. Full analysis on the Analysis tab.
MODIVO S.A. (CCC S.A. until 2026) is a Polish fashion group headquartered in Polkowice - one of the largest European companies in the footwear and apparel segment. The group designs and sells footwear, clothing and accessories in an omnichannel model that combines…
Read the full company profile ModivoMODIVO PLATFORM has built a unique-in-the-world business model based on an omnichannel platform that connects full-price and off-price channels. The customer migrates freely between online and offline channels while the group manages the entire purchase cycle through the…
Explore the business model ModivoMODIVO S.A.'s fiscal year runs from 1 February to 31 January of the following calendar year. The most recent confirmed data on the company website refer to fiscal-year 2024 (ended 31 January 2025). The full FY 2025/26 report is to be published on 22 May 2026.
See full financial performance ModivoCredibility rating
35.1 / 100
Poor credibility
Insolvency risk
Low
Elevated threat
Closure risk
12
/ 100
Risk comparison - scale 0 (safe) → 100 (critical)
Spółka wykazuje sygnały niestabilności organizacyjnej: częste zmiany w zarządzie. Może to wskazywać na podwyższone ryzyko współpracy.
Shareholder changes
0
0/22 yrs
Board changes
20
20/22 yrs
PKD changes
5
5/22 yrs
Name changes
3
3/22 yrs
Data from 22 years of registry activity.
Payment reliability score from 2001–2019
Current: E (35/100)
Trend: deteriorating (-13.9 pts/year)
Bardzo słaba wiarygodność płatnicza – współpraca handlowa wiąże się z wysokim ryzykiem braku zapłaty.
Standard limit from 2001–2019
Current: 116.8 M PLN
Safe: 23.4 M PLN
Listed on the Warsaw Stock Exchange
MDVISIN: PLCCC0000016Główny Rynek
Ranked #29 in WIG-Poland
Founded
June 30, 2004
21 years in operation
Legal form
SPÓŁKA AKCYJNA
Registry: RejP
Headquarters
POLKOWICE
DOLNOŚLĄSKIE
Primary PKD
47.72.Z
Retail sale of footwear and leather goods in specialised stores
Share capital
7.7 M PLN
Shareholders
N/A
Board
2 people
Sup. board: 6 · Proxies: 3
Filed years
19 years
2001–2019 · profitable: 18/19
Registry entries
148
latest: April 20, 2026
Risk signals
Revenue
5.4 B PLN
2019
Net profit
-27.4 M PLN
2019
Assets
7.1 B PLN
2019
Equity
963.6 M PLN
2019
EBITDA
923.4 M PLN
2019
Listing data for Modivo on the Warsaw Stock Exchange (GPW) - share price, session change, market segment, industry sector, ISIN code and stock-index membership.
Quotes, shareholders, announcements
MDV
ISIN: PLCCC0000016
Global Legal Entity Identifier (LEI) for Modivo from the GLEIF database - code, status, BIC, registered address and registration details.
LEI code
259400NWPQ2HCSMZP970
Legal name
MODIVO SPÓŁKA AKCYJNA
Registry number
0000211692
Jurisdiction
PL
Registered address
Polkowice Strefowa 659-101 PolkowicePLHeadquarters
Same as registered address.
Rate business credibility - Modivo.
Consumer brand owned by this company.
Umbrella brand
Operator e-commerce mody i akcesoriów grupy CCC — platformy Modivo i eobuwie.
News
Warsaw-based Ambra S.A. (KRS 0000041726, ul. Puławska 336) closed H1 of fiscal 2025/2026 with PLN 556.8 m of revenue and PLN 49.0 m of net profit, while raising capex by 212% to PLN 48.1 m - mainly for the soft-drinks line in Wola Duża and the PLN 11.9 m acquisition of a Romanian company. Despite the aggressive investment cycle the board keeps a PLN 1.10 dividend per share for the third year running (~5.9% yield).
News
Kraków-based Answear.com S.A. (KRS 0000816066) closed 2025 with revenue of PLN 1.7 bn (+13% YoY), EBITDA of PLN 56 m (+63%) and net profit of PLN 9.3 m - a return to the black after a PLN 10 m loss in 2024. Poland grew +31%, but CEE was under FX pressure (hryvnia -11% vs PLN), and a weak Q4 (EBITDA -71% YoY) forced the supervisory board to cut the 2026 EBITDA target from PLN 100 m to PLN 90 m and the target price from PLN 50 to PLN 45. It is the first full year after MCI's exit from the shareholder base (10 June 2025); the Bajołek brothers retain control (57.8%).
European-scale omnichannel - 20 markets, ~1,231 brick-and-mortar stores, 15,704 employees, ~PLN 10.3 bn revenue in 2024. Portfolio of nine complementary formats - from CCC (mainstream) and HalfPrice (off-price) to MODIVO (premium e-commerce) and specialty stores. The…
No dividend since 2019 - six years without payout disappoint income-oriented shareholders; the March 2025 policy only signals a return to payouts (subject to net debt/EBITDA \< 3.0). Lower MODIVO margins vs Zalando and About You; the e-commerce channel is still rebuilding…
Explore the weaknesses ModivoLicensed-brand share rising to 55% by 2030 - structurally reshapes group profitability. Off-price retail in Southern Europe - HalfPrice in Spain, Italy, Bulgaria (from 2024); Portugal and Greece next as a TJX-style benchmark. Kaes-to-Worldbox conversion - 150 stores in…
Explore the opportunities ModivoChinese competition (Shein, Temu) - price pressure in the value segment; EU regulatory risks (tariffs, ESG) are unpredictable. CEE consumer cycle - HalfPrice and CCC space expansion depends on Polish consumer strength. Rising rent and labor costs in shopping malls - compress…
Explore the key risks ModivoMODIVO competes simultaneously in several distinct worlds. The nine-banner portfolio overlaps with competitive fields in mainstream footwear (CCC), off-price retail (HalfPrice), premium e-commerce (MODIVO), value e-commerce (eobuwie), sportswear (Worldbox, Boardriders) and…
See the competitive analysis ModivoThe GO.25 strategy "Everything Fashion. Omnichannel Platform" together with the 2025–2030 development directions rests on three pillars.
Explore the strategy ModivoDividend policy of Modivo: payout history, dividend yield and forward guidance.
See the dividend policy ModivoCorporate governance at Modivo: WSE best-practice compliance, supervisory-board independence, ESG policies.
Explore corporate governance ModivoMSCI ESG: AA since 2023 - on the AAA–CCC scale, where AAA is the top tier. This places MODIVO PLATFORM among global sustainability leaders.
See the ESG profile ModivoGLEIF data, retrieved 2026-05-20.
View 259400NWPQ2HCSMZP970 on GLEIFRegistered shareholders of Modivo, the chain leading to the ultimate owner, and the geographic origin of the capital.
Share capital
7.7 M PLN
Natural persons exercising effective control over MODIVO and authorised representatives - data from the Polish Central Register of Beneficial Owners (CRBR) maintained by the Ministry of Finance.
MODIVO is a public company listed on the Warsaw Stock Exchange and is not required to file beneficial-owner information with the CRBR.
Exemption: The obligation does not apply to joint-stock companies that are public companies within the meaning of the Polish Act on Public Offerings.
Why? The risk of concealing the identity of controlling persons in listed companies is considered lower thanks to the transparency of the shareholding structure.
Note: If a company is a joint-stock company but is not public (not listed on a stock exchange), the obligation to file with the CRBR still applies.
Answers to questions about the company's activity, registered office, identifiers, financial data, capital and control.
Three variables explain most of the mid-term price moves. First, LFL sales and gross margin — the entire GO.25 strategy rests on licensed brands and the MODIVO PLATFORM consolidation pushing gross margin from today's 45-50% toward the upper end; every 1 pp shift materially moves EBITDA. Second, Chinese player pressure (Shein, Temu) — they compete directly with the CCC value segment and partly with HalfPrice; every report of their accelerated European expansion weighs on the multiple. Third, the HalfPrice openings pace and Kaes -> Worldbox conversion — the two biggest space-expansion engines in the 2030 strategy; market delays or below-plan openings are taken negatively. Secondary but material: EUR/PLN rate (export from HalfPrice and Worldbox), dividend policy (a return to payments would be a strong catalyst), MODIVOclub penetration and Boardriders integration outcome. An investor's first glance at MODIVO should be gross margin and the HalfPrice pace — these two variables shape most of the valuation.
20 historical registry entries for Modivo
Filing documents submitted (4 documents)
Filing documents submitted (4 documents)
Commercial proxy change
WR.IX NS-REJ.KRS/21605/25/713
Company name change, Representation rule change, Board change, Articles of association amended
WR.IX NS-REJ.KRS/1736/26/167
Change in Section 1 (basic data)
WR.IX NS-REJ.KRS/1736/26/167/ADE
Latest reporting year
2025
Available years
24
Filing entries
0
Capital origin
kapitał krajowy
Ownership chain
Share capital
7,702,589.40 PLN
Shares outstanding
77,025,894
| Shareholder | Shares | Capital share | Votes | Vote share |
|---|---|---|---|---|
| Dariusz Miłek * | 25,641,578 | 33.29% | 32,191,578 | 38.52% |
| NATIONALE-NEDERLANDEN Powszechne Towarzystwo Emerytalne S.A. | 6,963,000 | 9.04% | 6,963,000 | 8.33% |
| Powszechne Towarzystwo Emerytalne Allianz Polska S.A. | 4,878,255 | 6.33% | 4,878,255 | 5.84% |
| VALUE FIZ z Subfunduszem 1. Beta ETF WIG20TR PFIZ. Beta ETF WIG20lev PFIZ. ARROW FIZ. HANSON FIZ AN zarządzane przez AgioFunds TFI SA | 4,868,348 | 6.32% | 4,868,348 | 5.83% |
| The Goldman Sachs Group. Inc. | 4,565,097 | 5.93% | 4,565,097 | 5.46% |
| Other minor shareholders | 30,109,616 | 39.09% | - | - |
* z podmiotami zależnymi
Source: GPW (shareholders with ≥5% of capital or votes). Other minor shareholders are the public float.
Trademarks filed or registered by Modivo in the Polish Patent Office (UPRP) - filing dates, status, Nice classes and graphical marks.
3 most recent trademarks
MODIVO
Filing date: 2019-12-24
activeMODIVO
Filing date: 2019-12-24
activeMODIVO FASHION
Filing date: 2019-12-23
activeAverage annual headcount for Modivo and its capital group by year - figures disclosed in the issuer's annual reports.
Number of employees hired directly by the company.
As of 2023
4,574
| Year | Headcount | YoY change |
|---|---|---|
| 2023 | 4,574 | -9 (-0.2%) |
| 2022 | 4,583 | -327 (-6.7%) |
| 2020 | 4,910 | -1,764 (-26.4%) |
| 2019 | 6,674 | +122 (+1.9%) |
| 2018 | 6,552 | -148 (-2.2%) |
| 2017 | 6,700 | +159 (+2.4%) |
| 2016 | 6,541 | +384 (+6.2%) |
| 2015 | 6,157 | +408 (+7.1%) |
| 2014 | 5,749 | +191 (+3.4%) |
| 2013 | 5,558 | +175 (+3.3%) |
| 2012 | 5,383 | +260 (+5.1%) |
| 2011 | 5,123 | +217 (+4.4%) |
| 2010 | 4,906 | +239 (+5.1%) |
| 2009 | 4,667 | +1,708 (+57.7%) |
| 2008 | 2,959 | +337 (+12.9%) |
| 2007 | 2,622 | +964 (+58.1%) |
| 2006 | 1,658 | +650 (+64.5%) |
| 2005 | 1,008 | +422 (+72%) |
| 2004 | 586 | +159 (+37.2%) |
| 2003 | 427 | +198 (+86.5%) |
| 2002 | 229 | +90 (+64.7%) |
| 2001 | 139 |
Consolidated headcount across the capital group.
As of 2023
15,478
| Year | Headcount | YoY change |
|---|---|---|
| 2023 | 15,478 | +2,399 (+18.3%) |
| 2022 | 13,079 | +1,186 (+10%) |
| 2020 | 11,893 | -3,725 (-23.9%) |
| 2019 | 15,618 | +1,494 (+10.6%) |
| 2018 |
GPW data, retrieved June 4, 2026.
| 14,124 |
| +1,169 (+9%) |
| 2017 | 12,955 | +1,084 (+9.1%) |
| 2016 | 11,871 | +1,402 (+13.4%) |
| 2015 | 10,469 | +1,413 (+15.6%) |
| 2014 | 9,056 | +1,195 (+15.2%) |
| 2013 | 7,861 | +1,485 (+23.3%) |
| 2011 | 6,376 | +464 (+7.8%) |
| 2010 | 5,912 | +299 (+5.3%) |
| 2009 | 5,613 | +1,854 (+49.3%) |
| 2008 | 3,759 | +756 (+25.2%) |
| 2007 | 3,003 | +837 (+38.6%) |
| 2006 | 2,166 | +734 (+51.3%) |
| 2005 | 1,432 | +485 (+51.2%) |
| 2004 | 947 |
Competing companies or those operating in the same market segment as Modivo (in Polkowice, industry: Retail trade).
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