MILAN — Driven by a strong performance of its eyewear business, Italia Independent Group SpA posted a 9.4 percent increase to 4.6 million euros, or $5.1 million, compared with 4.2 million euros, or $5.6 million, in its earnings before interest, taxes, depreciation and amortization in the first nine months of the year.
As of Sept. 30, revenues rose 26 percent to 30.9 million euros, or $34.3 million, compared with 24.5 million euros, or $33 million, last year. The group did not provide a net-profit figure for the period. Dollar amounts are converted at the average exchange rate for the periods to which they refer.
Andrea Tessitore, cofounder and chief executive officer of the company, said 2015 “is proving to be a year of confirmations for the Italia Independent Group, having on one side reached the ambitious growth goals that we had set, and on the other side having laid the foundations for an ulterior development in the following years thanks to the agreement inked over the past few months with Adidas Originals.”
In September, Italia Independent signed a four-year agreement with Adidas to produce eyewear for the Adidas Originals brand.
As of Sept. 30, the net financial position was negative, standing at 24.3 million euros, or $26.9 million, compared with 8.9 million euros, or $12 million, reflecting the investments made by the group in its foreign subsidiaries and the increased supply of goods in line with its sales growth.
As reported, Italia Independent has initiated the procedures to be listed on the Mercato Telematico Azionario of the Italian Bourse. The MTA is Italy’s leading Equity Market dedicated to mid- and large-size companies. Italia Independent was publicly listed on the AIM Italia Alternative Capital Market, a segment of the Italian Stock Exchange, in the summer of 2013.