MILAN — As part of its ambitions to spur future growth, Italia Independent has recruited a seasoned eyewear creative to lead the design studio.
Matteo Pontello was named the company’s creative head flanking president, founder and creative director Lapo Elkann in developing the portfolio of house and licensed brands.
They include the Italia Independent flagship brand and Laps Collection, as well as Hublot and CR7 — Cristiano Ronaldo. As reported, the company inked a licensing agreement with Pacha Group last June teasing the first products thereafter, but the first full eyewear collection has yet to bow.
“Matteo is a brilliant and talented designer boasting a successful track record while working at some of the most successful brands. We are very happy to welcome him on board and I’m sure he will manage to exalt our brands’ values,” Elkann said.
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Pontello has longstanding experience in the eyewear sector, having covered creative roles at fellow manufacturers Marcolin, Safilo, LVMH Moët Hennessy Louis Vuitton-owned Thélios, Kering and New Guards Group.
“I am very proud to welcome on board such a professional as Pontello. His appointment enhances our team’s competences. His know-how in luxury and mainstream eyewear perfectly matches our ethos,” offered Marco Cordeddu, chief executive officer of the Italian Independent Group, which controls the eyewear specialist.
Since 2013, the group is listed on the AIM Alternative Investment Market of Capital segment, the Italian Stock Exchange’s program dedicated to small and medium-size companies.
The announcement didn’t move the needle as the group’s shares were flat in mid-morning trading following the announcement, standing at 1.25 euros.
In the first six months of 2021, the Italia Independent Group registered total sales of 9 million euros, more than triple the revenues registered in the same period in 2020 when the pandemic-induced store closure and lockdowns dented the performance. This compared with sales of 4.1 million euros in the first half of 2019, considered a more meaningful comparison.
In the first half of last year, the company posted negative earnings before interest, taxes, depreciation and amortization of 173,000 euros, even if in clear improvement compared to a negative EBITDA of 1.1 million euros in the first six months of 2020.
As of June 30, the group’s net financial position stood at a negative 17.5 million euros.