Versus Hires Jonathan Anderson
November 29th, 2012 @ 11:04 AM
Cacharel Unveils New CEO, in Major Corporate Revamp
November 21st, 2012 @ 00:56 AM
Kane Drops Out of Versus in Major Shake-up
November 20th, 2012 @ 10:14 AM
Pucci’s Madison Avenue Store Debuts Massive Expansion
November 16th, 2012 @ 00:35 AM
Ghesquière Departs Balenciaga in Major Surprise
November 05th, 2012 @ 00:43 AM
Sao Paulo Fashion Week: Between Optimism and Fear
November 02nd, 2012 @ 00:28 AM
London Unveils Men’s Season Schedule
November 01st, 2012 @ 00:36 AM
Azzaro Releases Castello Branco
October 25th, 2012 @ 00:18 AM
Revenue Soars 22 Percent at LVMH in First Three Quarters
October 16th, 2012 @ 00:18 AM
Rykiel Names Geraldo da Conceicao Artistic Director
September 21st, 2012 @ 8:12 PM
Brazil’s New London Pop-Up
September 21st, 2012 @ 7:20 PM
McQueen Men Returning Home to London
September 12th, 2012 @ 7:19 PM
Roitfeld, Mum and Son, Open in Brazil
September 07th, 2012 @ 00:54 AM
Berluti Opens to Big-Time Business in London
September 06th, 2012 @ 3:27 PM
Stefano Pilati Back with a Bang at Zegna
September 05th, 2012 @ 7:10 PM
Hugo Boss Wows in Berlin, Plans for New York
July 06th, 2012 @ 00:17 AM
Salvatore Ferragamo: Crusin’ the Louvre
June 13th, 2012 @ 11:04 AM
Michel Klein Gains New Backer; Launches Sunglass Collection
June 13th, 2012 @ 00:48 AM
Sykes Jettisoned by Aquascutum; Maurer In at Rabanne
June 06th, 2012 @ 00:18 AM
Armani Conquers China, Chastises the Pope
June 01st, 2012 @ 11:53 AM
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Versace Scores 8 Percent Growth In 2008 Sales
Godfrey Deeny
March 30th, 2009 @ 11:23 AM - Paris
The house of Versace scored an 8 percent rise in 2008 group sales, making the Milan-based business the latest European luxury house to announce turnover growth last year.
Versace said that sales had advanced to 336.3 million euros, or $442.3 million at current exchange rates, adding the Italian group to a list of luxury companies such as LVMH, Gucci Group and Hermes recording revenue rises in 2008 despite the deepening recession. Versace added that, at constant exchange rates, figures would show a 10 percent progression last year.
Versace did suffer a 30 percent decline in net profit to 9 million euros, or $11.8 million, though a release from the house dated Friday, March 27, in Milan said that this was due to non-recurring charges, without specifying their nature. Profits before taxes and charges fell 5 percent to 25.6 million euros, or $34.7 million, a fall of 1.9 million euros, or $2.5 million, compared to 2007.
The one paragraph release said that "the positive economic result coincides with the objective of raising the Asian market to second largest, after Europe, in terms of turnover, as forecast by the management plan."
Under CEO Giancarlo Di Risio, Versace has maintained ambitious expansion plans, opening boutiques in Jeddah, Saudi Arabia; Dallas, Texas and Harbin, China in the last quarter.
The house's planned retail and boutiques investment of 45 million euros, or $59.2 million, will include new boutiques in Dubai Mall, UAE; New Delhi, India and Shanghai, China this year.
Versace, a non-quoted company still largely owned by the founding family, did not release sales figures by product category or by geographic spread.
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