– PRADA VP: Prada SpA has named an executive vice president ahead of its planned listing on the Milan Stock Exchange this year. The Italian fashion group has appointed to the post former banker Carlo Mazzi, who has worked as an adviser on finance and administration within the company since 2004. The appointment is another piece in the corporate governance puzzle ahead of Prada’s proposed IPO in either June or November.
This story first appeared in the March 14, 2008 issue of WWD. Subscribe Today.
– INTER PARFUMS PROFIT RISES: Inter Parfums SA’s operating profit in 2007 gained 9 percent to 31.8 million euros, or $43.6 million at average exchange. Operating margin for the Paris-based subsidiary of Inter Parfums Inc. reached 13.1 percent. It posted net profit of 20.2 million euros, or $27.7 million, up 8 percent, and the company’s net margin came in at 8.3 percent, a level Inter Parfums SA deems to be particularly high in the fragrance and cosmetics industry. As reported, the firm registered a 2007 sales increase of 12 percent on-year to 242.1 million euros, or $331.9 million at average exchange. At constant exchange, the company’s revenues achieved 15 percent growth. Inter Parfums SA reiterated its 2008 sales targets of 260 million euros, or $405 million at current exchange.