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Armani Conquers China, Chastises the Pope June 01st, 2012 @ 11:53 AM



 
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Versace Returns to Black in First Half 2006

Godfrey Deeny
September 07th, 2006 @ 00:05 AM

Now that’s what we call a pretty quick fix, a snappy financial turnaround.

The house of Versace Wednesday announced a 2 million Euro profit in the opening six months of this year, a snappy turnaround from the haemorrhaging losses of 2004, and its first profitable half this century.

The net was earned on consolidated revenues of € 148 million in the opening half of 2006.

In May, Versace revealed that it had dramatically reduced losses in 2005, drastically reducing the red ink to a €5.5 million ($6.875 million) loss, from a whopping operating loss of €92.4 million ($115.5 million) a year earlier.

Looking ahead, Versace said that thanks to reorganized licenses and the rationalization of its network of directly owned boutiques, it expects to achieve revenues in excess of € 270 million for all of 2006.

Two years ago, the label seemed on the financial ropes, hemmed in my declining sales and the looming repayment of a 100 million Euro bond held by banks.

In a press release the house stressed that “due to considerably improved cash flow,” Versace had significantly improved in its net financial position, which leapt from 2 million Euros at 31 December 2005 to 16 million Euros at 30 June 2006. The Medusa-headed label said the sunnier financials were due to increased sales volumes and improved margins in the wholesale division; and far stronger sales of accessories, “which has exceeded the target of 30%, one year earlier than planned.”

Better income from directly owned boutiques and a strong increase in margins from the industrial business sector had also helped the bottom

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Fashion Wire Daily: The Last Word in Fashion

* Stella Hits the Slopes with 2006 Wintersports Collection

* Gucci Group Scores 20% Sales Rise in Opening Half


* Versus Hires Jonathan Anderson

* Cacharel Unveils New CEO, in Major Corporate Revamp


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