MILAN — IT Holding on Wednesday reported a net loss of 9.9 million euros, or $15.1 million, in the first half of 2008, compared with net profits of 1.7 million, or $2.2 million, in the same period a year ago.
Sales showed a 4.7 percent drop to 304.3 million euros, or $465.5 million, in the first half, compared with 319.2 million euros, or $421.3 million, in the same period last year. Dollar figures were converted from the euro at average exchange rates for the period to which they refer.
In the first half, earnings before interest, taxes, depreciation and amortization dropped 16.5 percent to 49.7 million euros, or $76 million, from 59.5 million euros, or $78.5 million. The company said the results were negatively affected by a 2.8 million euro, or $4.2 million, provision made for legal and tax disputes, currency fluctuations and declining revenues for the fall season. Earnings before interest and taxes amounted to 14.4 million euros, or $22 million, down 44 percent from 25.7 million euros, or $33.9 million, in the first half of last year. The company attributed the drop to a slight increase in the amortization of costs related to design and development of collections.
Tonino Perna, chairman and chief executive officer, said that, in light of the orders for the spring 2009 collections, he was “confident” IT Holding “will attain a level of revenue and profit for the year 2008 that matches the levels achieved in full-year 2007.” Perna said the “only risk connected with the performance of revenues for the current year refers to the performance of orders relating to the spring-summer 2009 season and specifically the merchandise that will be shipped in the current year.”
IT Holding controls the Gianfranco Ferré, Malo and Extè businesses and holds the VJC Versace, Versace Sport, Just Cavalli, C’N’C Costume National and Galliano licenses.
“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