MILAN — Italia Independent Group SpA, the fashion group controlled by Lapo Elkann, said Thursday revenues surged in 2013, as the company amped up the global distribution of its cutting-edge frames.
Full-year total net revenues spiked 59.1 percent to 24.9 million euros, or $34.3 million, versus the same period last year, lifted primarily by sales in Italy and other European countries like France and Spain. Dollar amounts have been converted at average exchange rates for the periods to which they refer.
The company reported a rise in earnings before interest, taxes, depreciation and amortization to 4.68 million euros, or $6.44 million versus 2.98 million euros, or $3.93 million reported last year.
The group's net profit, however, declined to 540,000 euros, or $740,000, compared to 910,000 euros or $1.20 million, in the full year 2012, dragged down by the impact of the amortization of costs tied to the company's initial public offering in June of last year, as well as costs associated with the purchase minority interests in July2013.
Earnings before interest and taxes also fell, albeit slightly, to 2.14 million euros or $2.95 million versus 2.25 million euros or $2.95 million a year earlier.
The group’s net financial position at the end of 2013 was negative by 3.91 million euros or $5.37 million, compared to a negative position of 3.72 million euros or $4.89 million as of December 31, 2012.
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 manufactures lifestyle pro1ducts and includes communications and advertising agency Independent Ideas, which has worked with companies such as Gucci, Moschino and Diesel.
This year, Italia Independent will also open two single brand shops in the US — one in Miami’s Wynwood district and the other in New York's SoHo — as well as its first French single-brand shop in the Paris Saint Germain district.
“We are very proud of our performance and the extraordinary growth of our group. We met all 2013 targets and, in particular, we proved the success of our business model also abroad," Tessitore said.
Italia Independent's shares rose on the news, recovering earlier losses in the day.At the close of the Milan Stock Exchange, Italia Independent's shares were up 1.68 percent at 39.98 euros.
As one of the most recognizable models in the world, Christy Turlington Burns has an insider’s view of the fashion industry and the allegations of sexual harassment swirling around it. “I can say that harassment and mistreatment have always been widely known and tolerated in the industry. The industry is surrounded by predators who thrive on the constant rejection and loneliness so many of us have experiences at some point in our careers,” Turlington told WWD, along with her suggestions for how the modeling world should protect younger women and men. Read more on WWD.com. Link in bio. (📷: Tony Palmieri) #wwdnews
@asics America has tapped a new brand ambassador: famed DJ/record producer @steveaoki. This initiative is intended to set the tone for the new brand identity and philosophy and will include partnerships with influencers and in-store and off-line activations that will continue into next year. This is Asics’ most significant marketing effort in two decades, and is expected to attract younger consumers to the brand. #wwdfashion
24-year-old Jean Prounis is redefining the rules of jewelry. Formerly a studio assistant to Jemima Kirke and a design apprentice at Ghuran, she focuses on handcrafted subtleties and ancient goldsmithing techniques. “There was a really sterile feel in the environment and I wanted to have jewelry with character that shapes how you wear it everyday,” Prounis said. Each piece is hand made in New York, either by Prounis or three other jewelers in the district. #wwdfashion
“These collections continue to build on that vision, empowering differently abled adults to express themselves through fashion,” said @tommyhilfiger of his line of adaptive apparel, which launches today. The line consists of 37 men’s and 34 women’s styles based upon the pieces from the spring Tommy Hilfiger sportswear collection. #wwdnews
“Stranger Things” is getting a new cast member for season 2. Meet @sadiesink_, the 15-year-old who will be joining the Netflix series for its new season. You may recognize her from “The Glass Castle” with Brie Larson and Woody Harrelson, but the Texas native’s next role goes in an entirely different direction. She describes her character, Max, as “a rough and tumble skater girl [who] becomes friends with the boys at school.” The second season debuts on October 27. (📷: @jgreenery) #wwdeye
Amid the Harvey Weinstein controversy, there’s another sector that’s being put under the spotlight for sexual abuse: the modeling industry. While rumors about abuse and sexual harassment of female and male models — and the photographers, agents and others who perpetrated it — have circulated within the fashion world for years, model @cameronrussell started posting stories from models on Instagram last week about abusive situations they’ve encountered — from sexual harassment and molestation to attempted rape. Over 75 have weighed in so far. Read more on WWD.com. Link in bio. #wwdnews
To celebrate its 16th anniversary, @dylanscandybar tapped designers and celebrities to create mosaics out of candy. The mosaics will be auctioned off to support the philanthropic cause of each participant’s choice. Pictured here is the mural created by @aliceandolivia's Stacey Bendet. For a first look at some of the other artwork being unveiled tonight, go to WWD.com. #wwdeye
The annual Veuve Clicquot Polo Classic in Pacific Palisades this weekend drew Kate Hudson, Tracee Ellis Ross, Laura Dern and more. See pictures of the star-studded event on WWD.com. (📷: @chelsealaurenla) #wwdeye
In his new book “Hollywood Royale,” Andy Warhol’s Protégé Matthew Rolston celebrates the Eighties revival of Hollywood glamour. Featuring more than 100 portraits taken by Rolston from 1977 to 1993, the book contains photos of icons like Michael Jackson, Cyndi Lauper, and @drewbarrymore, pictured here in 1991. “Hollywood Royale,” out today, will be accompanied by an exhibition opening at Los Angeles’ Fahey/Klein Gallery on March 1. #wwdeye