MILAN — Marcolin SpA’s first-half financial results showed the Italian eyewear maker is weathering the difficult economy as the firm posted a net profit of 7.1 million euros, or $9.4 million, a slight decrease from profits of 7.5 million euros, or $9.9 million, in the same period last year. But sales in the first six months dropped 7.2 percent to 100 million euros, or $133 million.
Managing director and general manager Massimo Saracchi underscored that Marcolin remains profitable despite the recession. “Considering the continuing factors of uncertainty surrounding international markets, casting a shadow over short-term forecasts, we are braced for a particularly challenging third quarter with a recovery during the fourth,” said Saracchi. The executive also noted new eyewear collections under the Tod’s and Hogan brands will bow for spring-summer 2010 and will be launched in the fourth quarter. Revenues from these brands will appear in the fourth quarter.
Other brands in Marcolin’s portfolio include John Galliano, Tom Ford, Roberto Cavalli, Dsquared, Kenneth Cole and Montblanc. In July, Marcolin and Swarovski signed a five-year licensing agreement for sunglasses and prescription frames. The first sunglasses collection will debut for spring 2011, followed by prescription frames.
Marcolin said thecompany’s profits in the first half helped achieve “an improved financial management compared to the first half of 2008 — through the reduction of interest expenses on loans.” It also contributed to “the recording of deferred taxes, attributable to tax losses generated in previous periods by Marcolin USA which, given the company’s current profitability, have a strong potential for recovery.”
Earnings before interest, taxes, depreciation and amortization slipped to 11 million euros, or $14.6 million, from 16.2 million euros, or $24.7 million, in the first half of 2008. Dollar figures are converted at average exchange rates for the periods to which they refer.
The company said lower profit margins were “clearly attributable to the slump in sales.” Marcolin noted these figures were influenced by a lack of operational leverage, “a greater incidence of guaranteed minimums on licensing contracts, as well as costs related to investments made, in terms of both structure and sales activity, to fully exploit the forthcoming launch of the new recently purchased brands.”
As of June 30, debt stood at 29.3 million euros, or $38.9 million, compared with 29.9 million euros, or $45.7 million, in the first half of 2008.
“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