Italian fashion group Marzotto has announced it will reap 44 million euros from the sale of two non-core assets.

The owner of fashion houses Hugo Boss and Valentino said in a news release it had agreed to sell a 20 per cent stake in a real estate unit for a net capital gain of 28 million euros and would garner a further a 15.7 million euros from the sale of its hydro-electric power plants.

Marzotto said the sales of the non-core assets would help its parent, Marzotto Spa, improve its results for fiscal 2002 but said on a group level the results would be around 20 per cent lower than 2001.