A mask from Billionaire Boys Club manufactured by Italia Independent.

MILAN — Italia Independent continued to operate at a loss last year, although reduced compared with 2017.

In the 12 months ended Dec. 31, the loss amounted to 6 million euros, compared with 9.7 million euros in the previous year.

Revenues fell 12.2 percent to 19.3 million euros, due to the sale of non-strategic assets, compared with 22 million euros at the end of the previous year.

As reported last month, Italia Independent and its main investor Lapo Elkann have agreed to sell 25.44 percent of the company to investment fund Creative Ventures Srl. 

Creative Ventures Srl is controlled by the fund Talent EuVeca through AVM Gestioni Sgr, which at the date of the closing by the first quarter will also be joined by investment fund Centurion Global Fund Sicav, as well as “eventual additional selected investors.” Italia Independent is listed on the AIM Alternative Market of Capital segment of the Milan Stock Exchange.

“We have come to the end of a difficult [journey] that started more than two years ago, which has seen a deep restructuring and at the same time a relaunch of the brand based on more solid management and financial foundations,” said chief executive officer Giovanni Carlino. “In fact, the arrival of new partners with a capital increase marks this important step toward a more mature and efficient company.”

Cofounder and president Elkann concurred, emphasizing the company’s reorganization into a “more solid, united” firm that is “prepared to face the challenges that we will see in the next years together with the new shareholders.”

Starting in 2016, the company has worked on reducing operating costs, which last year totaled 13.6 million euros compared with 27 million euros in 2016, strengthening its management team and improving its production planning and supply chain. It has also launched new lines such as Laps Collection, focusing on innovation and higher quality, improving customer service and price positioning. There have been collaborations with brands such as Hublot for watches and eyewear, with Walt Disney for eyewear in co-branding, and with Pharrell Williams’ Billionaire Boys Club for eyewear and a clothing capsule collection.

At Italia Independent, sales of eyewear last year increased 41.1 percent to 12.2 million euros in Italy, compared with 8.6 million euros in 2017.

Revenues in Europe declined 62.9 percent to 2.1 million euros compared with 5.6 million euros in 2017, a year that saw a significant sale of stock.

Asia was up 82.7 percent to 1.3 million euros, while the Middle East was down 45.1 percent to 500,000 euros.

The company last year counted 2,070 clients in Italy and around 1,780 abroad, mainly in France, Spain, Greece and Germany and was distributed in 79 countries.

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