Italia Independent reduces figures in the red and sales down 12.2% in 2018

Italia Independent reduces its figures in the red. The Italian eyewear company, co-founded by Lapo Elkann, closed fiscal year 2018 with losses valued in 6.08 million euros, compared to the 9.7 million euros in the red registered in 2017. The company recorded a negative ebitda, which stood at 1.18 million, in comparison to 2.43 million in negative reached in the previous year.

Between January and December, the group had a revenue of 19.3 million euros, 12.2% less than in 2017, as consequence of the decrease in sales in some of its main markets. By regions, Italia Independent sales grew by 41.1% in its local market, to 12.2 million euros, while in Asia, one of its smallest markets, sales shot up by 82.7%, to 1.3 million euros.

Italia Independent reduced its business in Europe, where sales drop by 62.9%

The company co-founded by Lapo Elkann fell considerably in Europe, where its revenue stood at 2.1 million euros, 62.9% less than in 2017. Italia Independent also recorded a drop in its sales in the Middle East and the rest of the world, with falls of 45.1% and 88.5%, respectively.

In Spain, the company had physical stores until last September, when it decided to close its offices in the country. Currently, Italia Independent manages the Spanish and Portuguese markets from its headquarters, located in Torino.

Giovanni Carlino, CEO of the company, explained that the group has completed the restructuring process that began two years ago, and from now on it will focus on relaunching the brand on a sound financial footing.

Last February, Italia Independent sold 25.44% of its capital to the investment fund Creative Ventures. The entry of the new investor in the social capital of the company was effective through a 6-million-euro increase of the capital.