“We expect to close 2016 with revenues of 105 million euros [or $111.8 million at current exchange rate] up 20 percent compared to last year,” said Stone Island president and chief executive officer Carlo Rivetti.
He also revealed earnings before interest, taxes, depreciation and amortization totaled 18 million euros, or $19.14 million, up 35 percent compared to 2015.
“We are very happy with these results,” Rivetti said. “We are growing in all the markets and across every product category. It’s an organic growth.”
Although the best performing markets continue to be Italy, the U.K., Germany and Netherlands, Rivetti was upbeat about the U.S., where Stone Island operates two stores, one in Los Angeles and one in New York.
“The growth in the United States was very interesting this year. We grew more than in the past with a smaller wholesale base after having streamlined our distribution there,” Rivetti said. “I’m very happy with the revenues generated by our two stores in the U.S., which performed better than we expected.”
While he said that 2017 would be a year of “stabilization” with no new store openings, Rivetti revealed that next summer the company will relocate its Los Angeles flagship into a new 5,382-square-foot space in the city’s La Brea neighborhood. “This is going to be the biggest Stone Island store in the world.”
In addition, in 2017 Stone Island, which has recently unveiled its third jacket realized in collaboration with NikeLab, will launch the second chapter of the Prototype Research, a company project focused on the creation of exclusive, innovative outerwear pieces which cannot be reproduced on an industrial scale and which will be available exclusively at the brand’s online store.
Stone Island’s online sales rose 30 percent in 2016 compared to the previous year and currently accounts for 5 percent of the company’s total business.
“The big problem about online commerce is that the more products we sell the more counterfeit items circulate on the web,” Rivetti said. “We are engaged in a huge battle against counterfeit products and we are working with three international companies specialized in this issue to help us protect our brand and our customers.”