Crisis takes its toll on MAX MARA

Italian fashion group MAX MARA, owned by the Maramotti family reported it closed 2009 with a 33% decrease in its net profit, to EUR 55,1 million, compared with the previous year. The revenues of the group decreased by 7,7% to EUR 1,16 billion. The annual report of the group also mentions that considerable investments have been made to maintain the prestige of its brands. The company reported that in the first months of 2010, sales have seen a slight improvement, however, remains cautious about the overall performance.