The company controlled by Lapo Elkann is in the middle of a restructuration process.
Italia Independent closes in red and reduces its revenue by half. The Italian company of optics and accessories closed the first half of its fiscal year with a negative result of 12.1 million euros, compared to the profit of 1.7 million in the same period of the previous year. Sales decreased 64.6% in the same period, to 4.17 million.
According to Pambianco News, the company explained these results are due to its retail sales reduction and the closure of unprofitable stores, amongst others. Italy Independent points to a “refocusing of sales over markets” due to the decline in sales.
The company has also pointed out that an “intense restructuring activity that aims to relaunch based on a new business model” continues. “The first months of this year show an inflection of the economic indicators due to a process of cleaning the brand portfolio and preparing the company’s relaunch”, stated Mario Pietribiasi, CEO of the company since April.
Throughout this year, the company has continued with the closures that began in 2018 with the closure of up to five stores in Italy. In February, Italy Independent sold 25.4% of its capital to the Creative Ventures investment fund. The entry of the new investor materialized through a capital boost of six million euros.