Italia Independent Profits Rise

MILAN — A strong eyewear business, a solid foothold in Italy and expansion around the world helped Italia Independent Group SpA report a 14 percent gain in 2014 net profit to 610,000 euros, or $811,300, from 540,000 euros, or $713,000, in 2013. In the 12 months ended Dec. 31, revenues climbed 32.1 percent to 32.9 million euros, or $43.7 million, compared with 24.9 million euros, or $33 million, in the previous year. Andrea Tessitore, the group’s cofounder and chief executive officer, told WWD he was especially pleased with the performance in light of the difficult local market. “The weather factor was terrible last year, one of the worst in the past 30 years,” said Tessitore, referring to prolonged months of rain that hit Italy in 2014. The group’s eyewear business accounted for 79.4 percent of total sales. Tessitore pointed to a 13.6 percent growth in Italy of the eyewear division, which reached 12.7 million euros, or $17 million. The company has also been expanding outside the country. In the U.S., the eyewear channel climbed 81.1 percent to 1.9 million euros, or $2.6 million. In April, a store will open in Miami’s Wynwood neighborhood, followed by a unit on Melrose Avenue in

Follow WWD on Twitter or become a fan on Facebook.

Read More...



from WWD » Nudestix to Premiere on QVC http://ift.tt/1yeRX18

via IFTTT