MILAN — BasicNet, the Italian fashion marketplace that currently controls a range of labels, including Kappa, K-Way, Superga and Sebago is headed to Milan.
BasicNet said it has reached an agreement with constructing company Aprica Costruzioni Srl to take over the latter’s entire share capital, including a Milan real estate property where the fashion marketplace plans to set up its local headquarters.
The value of the operation, which is expected to close in the coming months, amounts to 10.5 million euros and it is being carried out through BasicNet’s subsidiary BasicVillage SpA, which controls the company’s real estate assets.
The 43,055-square-foot industrial complex, which is part of the transaction, will include offices, a showroom and retail units. The industrial space dates back to 1911 and is located in the northern part of the city.
BasicNet, which was founded in 1994 by entrepreneur Marco Boglione, is headquartered in Turin and the company said it plans to keep both locations once the deal is completed.
“The purchase of the real estate complex in Milan will improve visibility and develop a strong direct commercial presence in a key sector market,” said Federico Trono, BasicNet Group’s chief executive officer, adding the move is part of the company’s development strategy.
In the first half of 2019, BasicNet, which has been listed on the Milan Stock Exchange since 1999, reported a consolidated turnover of 137.8 million euros, up 48.6 percent compared to the same period last year. Consolidated revenues included royalties and sourcing commissions of 27 million euros, as well as sales of BasicNet’s directly operated Italian licensee BasicItalia SpA and the recently acquired French licensee, which totaled 111 million euros.
Net profits totaled 10.4 million euros in the first half, up 60.2 percent compared with the same period a year earlier. Last year net profits totaled 21 million euros, up 97.4 percent compared with 2017.