ROBERTO CAVALLI returns to profit in first half of 2010
Italian fashion house Roberto Cavalli returned to profit in the first half, as a pick-up in sales helped offset lower licence fees.
The Cavalli group posted a net profit of 1.9 million euros in the six months to June on Monday, compared with a 3.5 million loss a year ago. "As a result of a strong reorganisation at the group, retail and wholesale revenue grew 4 percent compared with the previous year, offsetting a decline in royalty revenues," the group said.
Cavalli, looking to boost its accessories and menswear lines in the next two or three years, said sales at its own stores grew 27 percent, including those from new openings. First-half net consolidated sales were 86.2 million euros, broadly in line with a year ago, after being hit in 2009 by financial woes at Italian licensee Ittierre.