Fashion group Marzotto SpA has posted a consolidated net profit of EUR44 million for the first quarter, a 19.3 per cent year-on-year increase.

The parent company of fashion houses Hugo Boss and Valentino also reported a consolidated operating profit of EUR77.7m for the quarter, up six per cent year-on-year, and a consolidated net turnover of EUR530m, compared with EUR544m in the same period a year earlier.

Marzotto's net financial debt, meanwhile, fell to EUR587m at end-March, down from EUR614m at the same time last year.