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IT Holding in Growth Push

IT Holding SpA is banking on further growth in its accessories division with the addition of five new boutiques to its Plus IT store chain, which retails...

MILAN — IT Holding SpA is banking on further growth in its accessories division with the addition of five new boutiques to its Plus IT store chain, which retails the company’s GF Ferré, Extè, Just Cavalli and C’N’C Costume National accessories lines.

In the last month, IT Holding has opened franchised stores in Istanbul; Bucharest, Romania; Moscow; St. Petersburg, Russia, and Dubai, United Arab Emirates, taking to 75 the number of Plus IT stores around the world. A total of 300 are planned by 2010.

"The inauguration of these boutiques in some of the most exclusive locations in the world together with the results obtained by the accessories division, confirms the success of the Plus IT project, which, in a few years, has established itself as a brand of reference in the global panorama of designer accessories," IT Holding president Tonino Perna said.

Launched in fall 2005, Plus IT helped drive a 37.5 percent hike in sales of accessories at IT Holding to 116.3 million euros, or $146.5 million, last year.

And it looks set to better that figure this year.

In the first nine months of 2007, accessories generated net revenues of 99 million euros, or $133 million — almost a fifth of IT Holding’s overall sales for the period — up 18 percent on a like-for-like basis. Sales at Plus IT grew 54 percent.

Currency conversions have been made at average exchange rates for the period to which they refer.