MILAN — Italia Independent Group SpA, the fashion group controlled by Fiat heir Lapo Elkann, on Thursday showed it remained on a strong growth path as it reported a double-digit jump in net profits and sales for the first six months of the year.
In the first half, the company, which listed on the AIM segment of Italy’s stock exchange in June, said net profit increased by 53 percent to 929,000 euros, or $1.22 million, while net sales rose 65 percent to 13 million euros, or $17.03 million.
Dollar amounts have been converted at average exchange rates for the periods to which they refer.
Driving revenue growth was the eyewear sector, which accounted for 82 percent of sales, up from 78 percent a year ago.
In a statement issued after the close of Milan trading, Italia Independent said that the eyewear sector saw strong growth in both Italy (up 51 percent on the year-earlier period) and abroad, “with significant growth in Europe (plus 145 percent) as well as in non-European countries, (plus 81 percent, excluding the USA).”
“The United States also began to contribute to the group’s revenue in the first half of this year,” the company said.
In July, Italia Independent signed a co-branding and joint distribution agreement with U.S. eyewear multinational Marchon, the licensee for Karl Lagerfeld eyewear, to produce a capsule collection of six eyewear models developed jointly by the two brands.
Aside from its core business in eyewear, the group — which was founded in 2007 by Elkann, the younger brother of Fiat chairman John Elkann and a scion of Italy’s Agnelli dynasty — has activities in communications and lifestyle products.
The eyewear sector is also the driver of the growth in the group’s gross margin, which increased both in absolute terms (7.2 percent to 9 million euros, or $11.79 million) and in relative terms, coming in at 69 percent of sales, up from 67 percent in the first six months of 2012.
The improvement in gross margin also followed the lesser relative weight of international distributors compared with sales channels managed directly by the group, Italia Independent said.
Italia Independent is the first fashion firm to list on the AIM segment, which seeks to encourage listings by small and medium-size companies. The company is controlled by Lapo Elkann, who owns a 46.52 percent stake; chief executive officer Andrea Tessitore owns 8 percent.
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)