ITALY: Mariella Burani posts 117% hike in nine-month profit
Luxury goods company Mariella Burani Fashion Group has posted a 117.2% jump in earnings for the first nine months of its financial year, boosted by strong growth in emerging markets.
Earnings before interest and tax (EBIT) soared to EUR91.5m (US$115.6m).
Revenues were up 7.9% to EUR562.2m, from EUR520.9m in the prior year period.
Export sales represented 63.2% of the total, with emerging markets generating 34.4% of revenues. The US and Japan accounted for 5.5% of the total.
The fashion firm said that its growth also reflected the acquisition of Finduck, the sale of a 49% stake in AP Bags, and strong growth in its leather goods subsidiary.
Indeed, its leather goods division (Antichi Pellettieri) saw sales up 44.8%, with strong growth from the footwear and handbags division.
In its outlook, Mariella Burani said the "accessible luxury goods market" continues to offer opportunities and that its presence in emerging markets was key growth driver.
"The positive performance in the first nine months of the year, the encouraging sell-out statistics of the autumn/winter 2008-2009 collections, combined with the contribution of Finduck Srl and the benefits of our strategic partnerships, give management confidence in the near and long terms prospects for the business," a statement said.
Luxury lifestyle firm Etienne Aigner AG today (23 March) licensed Mariella Burani Fashion Group to produce and distribute a women's ready-to-wear line called Aigner Fashion Donna....
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