By  on November 6, 2009

MILAN — The tough economy and reduced consumer spending bit into Max Mara Fashion Group srl’s bottom line last year.

According to the Italian apparel company’s balance sheet, net profit almost halved in 2008, dropping to 20.1 million euros, or $29.5 million, from 44.5 million euros, or $60.9 million, the year before. “The ongoing global financial and economic crisis began to be effective in the second half of 2008 and in particular in the last months of the year,” said chairman Ignazio Maramotti in the group’s annual report.

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