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Italy's Roberto Cavalli posts 2016 loss on 13.6 percent drop in sales
April 13, 2017 / 2:40 PM / 3 months ago

Italy's Roberto Cavalli posts 2016 loss on 13.6 percent drop in sales

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A company logo is pictured outside a Roberto Cavalli store in Vienna, Austria, May 4, 2016.Leonhard Foeger

MILAN (Reuters) - Italian fashion house Roberto Cavalli said on Thursday direct sales had stabilised in the first months of the year thanks to its reorganisation efforts, after overall revenue plunged 13.6 percent annually in 2016.

The Florence-based group, popular with celebrities, reported net revenues of 155 million euros (131.71 million pounds) for last year and a loss before interest, tax, depreciation and amortisation of 26 million euros. Restructuring costs contributed to a net loss of 55 million euros.

But CEO Gian Giacomo Ferraris, who launched a deep overhaul of the group six months ago, including cutting almost a third of Cavalli's jobs, said in a statement direct sales were "stabilised, if not slightly growing in the first quarter of 2017."

The fashion label, which has been going through an overhaul since Italian private equity firm Clessidra bought it in April 2015, confirmed a return to profitability in 2018.

Reporting by Giulia Segreti, editing by Valentina Za

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