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MILAN — Italia Independent Group SpA, the fashion group controlled by Lapo Elkann, said Monday revenues surged in the first three quarters of the year, driven primarily by eyewear sales.
In the first nine months of the year, revenues rose 73.4 percent to 18.4 million euros, or $24.95 million, versus the same period last year, lifted by sales in Italy and abroad. Dollar amounts have been converted at average exchange rates for the periods to which they refer.
A spokesperson for Italia Independent Group said the company would not release net profit figures; however, according to a company statement, the group’s net financial position in the first nine months of 2013 was a loss of 2.8 million euros or $3.7 million — hit by costs associated with the repurchase of minority shares of Italia Independent SpA, as well as fees associated with its listing on the AIM Italia segment of Italy’s stock exchange in June. That figure compares to a positive net financial position of 4.15 million euros, or $5.4 million, as of June 30, the company said.
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The company reported earnings before interest, taxes, depreciation and amortization of 3.5 million euros, or $4.73 million, in line with the first half of 2013.
Italia Independent in June was the first fashion firm to list on the AIM segment, which seeks to encourage listings by small and medium sized companies. Lapo Elkann owns a 46.5 percent stake and chief executive officer Andrea Tessitore owns 8.1 percent, according to the Borsa Italiana Web site.
In addition to its core eyewear business, the group includes communications and advertising agency Independent Ideas, which has worked with companies such as Gucci, Moschino and Diesel.
On Thursday, Italia Independent will open a store on Milan’s Via Montenapoleone. The site will house a range of eyewear products, as well as lifestyle products and technical frame support.