Most Recent Articles In Financial
Latest Financial Articles
- Update: U.S. Stocks Close Week With Soft Landing
- Market Volatility Erodes Consumer Confidence
- Update: U.S. Markets Drag at Open, Europe Edges Down, Shanghai Recovers
More Articles By
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 July 2013.
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.