MILAN — Thanks to a strong sales performance of its Valentino and Hugo Boss brands, Valentino Fashion Group posted robust first-half results.
The fashion group, which is Marzotto's new subsidiary comprising the two fashion labels, posted net profits that rose 9 percent to 18 million euros, or $23.2 million, from 16.5 million euros, or $20.3 million, last year. Sales at the group grew 11 percent to 814 million euros, or $1.04 billion, from 731 million euros, or $897.3 million, in the same period last year. Dollar figures are at the average exchange rate.
Sales at Valentino and Hugo Boss grew 20 and 13 percent, respectively. The brands spurred a 20 percent increase in operating profits for the Valentino Fashion Group, rising to 79 million euros, or $101.6 million, from 66 million euros, or $81 million, last year.
In the first half, the group invested 37 million euros, or $47.6 million, for the opening of new stores and the expansion of the Swiss Hugo Boss Branch, as well as for updating its computer system. This compares with 26 million euros, or $31.9 million, spent in the same period last year.
At the close of the first half, the group's debt was reduced to 424 million euros, or $545.4 million, from 478 million euros, or $586.7 million, in the prior year.
Marzotto's spin-off of its more profitable fashion operations, including fashion house Valentino, a majority stake in Hugo Boss AG and its licenses for Marlboro Classics and M Missoni, into a newly created subsidiary, was completed in July. Marzotto and Valentino Fashion Group are traded on the Milan stock exchange.
In the first half, net profits at the Marzotto textile division grew to 12.2 million euros, or $15.7 million, which compared with a loss of 5.7 million euros, or $7 million, last year. This division reported sales that declined 7 percent to 147 million euros, or $189 million, from 159 million euros, or $195.2 million, in the same period last year.
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