Stefanel news and archive

OVS expects to report improved profitability, launches share buyback programme

OVS sales for the entire year were up by approximately 1.4 percent, an increase that occurred mainly on the like for like perimeter. The company said in a media statement that the positive result was achieved despite the extremely unfavourable climatic conditions, which penalised the apparel market in both beginning of seasons. Driven by the...

Business

OVS predicts positive trading ahead as nine-month sales improve by 11.1 percent

In the first nine months of the fiscal year, OVS made net sales of 1.09 billion dollars, up 11.1 percent compared to the previous year, and up 9.7 percent compared to pre-pandemic levels from 2019. The Italian clothing company hailed a strong recovery in sales during the period with the normalisation of weather conditions from the beginning of...

Business

OVS sales surpass pre-Covid levels, outlook positive

Net sales at OVS S.p.A. of 705.8 million euros, increased 17.8 percent during the first half period compared to H1 2021, and were up 8.5 percent compared to pre-covid period. The company said, on a like-for-like basis, sales rose 4 percent. Adjusted gross margin was in line with previous year and 90 basis points higher than 2019. Adjusted EBITDA...

Business

OVS raises full year outlook

Total sales in the first nine months of 2021 at OVS SpA amounted to 978 million euros, up 33 percent compared with the same period in 2020. For the entire FY21, the company expects net sales in a range of 1.33 to 1.35 billion euros, up from 1.30 to 1.32 billion euros announced at the time of publication of the half-year results and adjusted...

Business

OVS reports positive Q2, updates FY21 outlook

Second quarter net sales at OVS SpA reached 369.7 million euros, up 35.4 percent against the second quarter of 2020 and up 11 percent compared to the second quarter of 2019. First half net sales amounted to 599.2 million euros, 59.5 percent higher than the first half of 2020 and 7.9 percent lower compared to the first half of 2019, recovering...

Business

OVS to acquire Stefanel for 3.2 million euros

OVS SpA has announced that the company is acquiring Stefanel brand and twenty-three stores located in some of the main Italian cities for a total consideration of 3.2 million euros. The company said in a statement that it aims to enrich the OVS portfolio with a brand recognized in Italy and in the world, in particular in women’s knitwear. OVS...

Business

Stefanel UK falls into administration

The UK arm of Italian fashion brand Stefanel has reportedly fallen into administration and will close its two London stores. Administration and insolvency practitioners CVR Global have been called in to deal with the process, Retail Week reports. The company will be closing both its London stores, on Regent Street and in Covent Garden. The news...

People

Stefanel appoints Christiano Portas its new CEO

Stefanel S.p.A. has appointed Christiano Portas as the new Chief Executive Officer of the company, who replaces Stefano Visalli, temporary CEO appointed by Stefanel in December. The development follows after British asset management firm Attestor Capital picked 71 percent stake in the company before important Christmas trading period. Portas, a...

Business

Stefanel starts seeing the light at the end of the bankruptcy tunnel

The Italian fashion label has just received the judge’s approval to its debt restructuring and financial turnaround plans. Last week, the Treviso Court approved the debt restructuring and capital strengthening agreement signed by Giuseppe Stefanel and investment funds Oxy Capital and Attestor. The deal seals the 10 million euro increase in...

Business

Stefanel FY16 revenues decline 14.4 percent

In 2016, the struggling Italian fashion brand Stefanel has said that the group’s consolidated net revenues of 134.1 million euros (145 million dollars), were down 14.4 percent against 156.7 million euros (170 million dollars) in 2015. The company said, impact of foreign markets on consolidated revenues was 65.4 percent in 2016. EBITDA for the...

BusinessFeatured

Stefanel’s third restructuring weakens the presence of the founding family

Stefanel's rescue will take effect this week, with Oxy and Attestor investment funds coming on stage. This is the third restructuring the Italian retailer goes through in recent years. "The new investors will bring cash and will also have the final say on different issues," explains Cristina Furlan, Secretary General of Filctem CGIL Treviso, in...

Business

Stefanel seeks out new investor to avoid bankruptcy

London - Stefanel is said to be sounding out new investment in the form of a partner to avoid filing for bankruptcy before the end of the year, according to new reports. Three sources are said to have revealed to Reuters that the Italian apparel company is working against the clock to secure a new partner before its too late. The move comes...