The first six months of Italia Independent

Sales for the first half of the year were down on the previous year due to two factors: (I) the sale of several assets that contributed to the consolidated revenue, namely the company Independent Ideas Srl (26% shareholding sold to Publicis Groupe S.A. in April 2018, while the remaining shareholding, of 25%, was sold to Laps To Go Holding Srl in May 2018) and the company Alialux Srl (sale of the entire shareholding, of 70%, in May 2018), and (II) the reduction of non-strategic operations whose costs exceeded the benefits generated. In particular, as already previously described in the recovery plan and as demonstrated by the results for the first half of 2018 reported below, the Company has refocused its resources to achieve a significant improvement in EBITDA despite the reduction in sales, indicating that the restructuring plan was able to eliminate underperforming operations and focus resources on higher-value operations, while also generating efficiency and margin improvements. The company is therefore continuing to implement its business recovery plan, which consists of the following main initiatives: – the strengthening of the product offering for the Italia Independent brand with the development of new highly-innovative collections (e.g. the “Laps Collection”) and the improvement of product quality and customer service; – the launch in the coming months of major partnerships with international brands such as Hublot (full license for both sunglasses and eyeglasses), Disney and Billionaire Boys Club that will give further visibility and momentum to the brand in foreign markets; – significant investments in communications in support of the new marketing campaign; – the development of clothing capsule collections to increase the brand’s appeal and distribution in the fashion stores channel. Form left: Giovanni Carlino, CEO, Lapo Elkann, Founder

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