MILAN — Costs related to its initial public offering dented Brunello Cucinelli SpA’s net profits, causing them to drop to 7.6 million euros, or $9.8 million, in the first half from 8.8 million euros, or $12.7 million, in the corresponding period last year.
However, “normalized” net profits, which do not include the non-recurring expenses incurred for the IPO, gained 35.1 percent to 11.9 million euros, or $15.3 million, in the period ended June 30, compared with 2011. The company went public on the Italian Stock Exchange on April 27.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"