MILAN — Italian watch and jewelry group Morellato & Sector SpA reported an almost fourfold increase in net profit for 2007, driven by sales of the Morellato brand, a turnaround of the Sector label and the acquisition of jewelry retail chain Diffusione Italiana Preziosi.
Net profit reached 28.9 million euros, or $39.5 million at average exchange rates, up 397 percent compared with 2006. Sales totaled 244.6 million euros, or $335.1 million, a 27 percent rise against the previous year. Earnings before interest, taxes, depreciation and amortization, and earnings before interest and taxes each grew 133 percent, to 38.3 million euros, or $52.4 million, and 26.3 million euros, or $36 million, respectively.
Confirming a WWD report in April, the company said former LVMH Moët Hennessy Louis Vuitton executive Concetta Lanciaux, who now runs her own consultancy, has joined the Morellato & Sector board, along with former Valentino chairman Matteo Marzotto.
Lanciaux and Marzotto will flank Massimo Carraro, chairman and chief executive officer of the group, in the new positioning of Morellato. The company has been raising its profile in the "contemporary luxury" arena with its new Morellato Gold line of jewels, in gold and precious stones, and a stronger fashion content.
The company controls the Swiss-made brand Philip Watch, which is celebrating its 150th anniversary this year. Since 2006, Morellato has taken control of the iconic Sector watch brand and signed licensing deals to produce watches for Roberto Cavalli, Pirelli PZero and, more recently, John Galliano. The company also produces and distributes watches and jewelry for Miss Sixty and Just Cavalli. Carraro said this year that he sees a public listing in 2010.
The executive also underscored the group's growing international expansion. There are 57 Morellato stores, including 30 in China, and the goal is to reach 80 units this year. In the next three years, the group plans to open 50 sales points in India through a joint venture with Gitanjali Gems Ltd. Carraro is also looking to open a store in New York.
The Padua, Italy-based company, which has a history of leather watch bracelets that dates to 1930, has a watch production unit in Lugano, Switzerland, and has its jewelry made by artisans in the Veneto and Tuscany regions of Italy. Watches retail between $175 and $319, and jewelry retails for $129 to $290.
From overseeing America’s fastest-growing speciality retailers to codifying cool, WWD talked to the women who are leading the way for the future of beauty. Check out our Instagram Stories to see how these women built today and are creating tomorrow. (📸: @hannah_khymych) #wwdbeauty
For @laperlalingerie's spring 2018 show, the brand chose to host their event at @thevenetianmacao. With Chinese megastars @bingbing_fan and @hubing in attendance, La Perla debuted a rock ‘n’ roll-inspired collection. The show marked the start of Sands Macao Fashion Week, which runs from October 19 to 24 — the city’s first such event. Pictured here are models backstage with glimmering eyes. #wwdfashion (📷: Cheuk-Yin To)
Trending for spring 2018: top stitch design. Gone are the days of stitch just for seams — designers are using the once-minimal detail to create strong decorative elements. (📷: Paola Testa; Styled by @andrew_shang) #wwdfashion
@tradesy is turning the concept of a showroom upside down with its new space in Santa Monica. Here, the company plans to hold events, art exhibits and a showcase rare fashion pieces like this Louis Vuitton boxing set. Get all the details on Tradesy’s first showroom on WWD.com. #wwdnews
Spotted last night at the @erdem x @hm launch event: Kate Bosworth, Rashida Jones, Kirsten Dunst and Selma Blair. The party, which took place in LA, also marked the opening of their pop-up shop. “I was interested in creating a collection that wasn’t in any way disposable. It was about pieces you’d create and keep forever, things that have a permanence to it,” designer Erdem Moralioglu said. #wwdeye (📷: Katie Jones)
Renee Zellweger in yellow in 2001 and again in 2017. Chosen as one of the 12 @pantone Leading Spring Colors (and dubbed “Meadowlark”), it only makes sense that the bright hue stands the test of time and is making a resurgence this season, seen already on stars like @blakelively and @gigihadid. (📷: Donato Sardello & @rexfeatures) #wwdfashion #tbt
Dior’s 70th anniversary celebration continues with a new exhibition at the Royal Ontario Museum in Toronto. “Christian Dior,” which is scheduled to run through March 18, takes a look at the founders tenure from 1947 to 1057 and feature 40 designs. Pictured here is an evening gown from the Ailée, fall 1948-49 haute couture collection. #wwdfashion (📷: Brian Boyle)