MILAN — Benetton Group SpA said Thursday that third-quarter net profits gained 12 percent and forecast upper-midsingle-digit revenues and earnings growth for the full year.
For the three months through Sept. 30, net profits reached 38 million euros, or $57.3 million, in line with analysts’ estimates. Revenues grew 6.9 percent to 538 million euros, or $810.6 million, buoyed by increased volumes, sales of higher value products, and gains in emerging markets, where the company has been opening stores.
For the full year, Benetton expects revenues to increase by 6 percent, on a currency neutral basis, and net income to rise 7 percent.
Benetton chief executive officer Gerolamo Caccia Dominioni stated the results were “satisfactory” adding, “It is now essential for the group to act with even more rapidity in view of the economic situation the markets will be facing in the coming months.”
Nine-month earnings before interest, taxes, depreciation and amortization rose 7.3 percent to 249 million euros, or $379.1 million.
As of Sept. 30, net indebtedness stood at 814 million euros, or $1.12 billion, compared with 650 million euros, or $927.7 million, in the same point last year, although Benetton said it aimed to reduce its debt to the 2007 figure by yearend.
Dollar figures were converted at average exchange rates for the periods to which they refer.
Benetton also announced the appointment of Lorenzo Zago, its former director of administration and reporting, as its new chief financial officer, replacing Emilio Foa, who rejoined Burberry Group plc at the end of September.
“Azzedine has been one of the biggest influences in my life. He has always been such a strong, loving, fatherly figure to me. I call him Papa. His designs are indescribably unique, they are pieces of art. He knew how to make the female form look its loveliest. I have so many memories of him; my favorite might be during my first show with him in Paris. He liked me and he wanted to help me get more work. He called all his friends at Kenzo and Comme des Garcons, and asked them to book me. They said, ‘But she can’t walk!’ And he said, ‘but she has such a great ass!' His friendship and support has been the great privilege of my career. I can't imagine life without him. Repose en paix mon Papa.” - @stephanieseymour tells @wwd. #wwdfashion (📷: @steveeichner) #alaia #azzedinealaia
Azzedine Alaïa, flanked by two of his closest friends, models Stephanie Seymour and Naomi Campbell.
He designed Seymour’s dress for her 1995 wedding to Peter Brant, and treated Campbell (who famously called him Papa), like a daughter. For more on the legendary designer, tap the link in bio. #wwdfashion #alaia #azzedinealaia
Azzedine Alaïa's “I-did-it-my-way” ethos stood out starkly at a time when brands are experimenting with consumer-facing fashion shows, coed formats and trans-seasonal collections – anything to perk up lackluster sales of ready-to-wear in an age of Insta-everything. “It’s not creation anymore. This becomes a purely industrial approach,” the late designer told WWD in an interview last year. “But anyway, the rhythm of collections is so stupid. It’s unsustainable. There are too many collections.” Read more about the iconic designer’s life and work on wwd.com, link in bio. #wwdfashion #azzedinealaia (📷: @WWD Archive, 1986) #alaia
Sneaker reselling app @goat’s latest exhibit, "The Greatest: New York," tells the story of New York's sneaker culture. To celebrate the exhibit, an intimate crowd gathered on Thursday night at the pop-up gallery space, located at Platform in Culver City, to hear guest speaker and illustrator @esymai talk about her own rise in streetwear and women in the business. "For me I'm just someone who is creative. I like to create things," said Chang. #wwdfashion
Azzedine Alaïa, one of the most iconic couturiers of the modern era whose body-con designs defined Eighties fashion, has died in Paris. The diminutive Tunisian-born designer, known for his structured knitted dresses with fitted waists and impeccably cut, figure-hugging second skin silhouettes was deeply admired by his peers, and counted supermodel Naomi Campbell - his adoptive daughter - among his inner circle, one of a gang of glamazons including Farida Khelfa, Carla Bruni and Stephanie Seymour who became ambassadors of his style. (📷: Alexandre Guirkinger) #wwdblast