Consolidated net sales growth double for Italia Independent

REPORT_ Italian fashion and accessories group Italia Independent

has posted a consolidated net sales growth of 59.1 percent in 2013, more than doubling from the previous year and amounting to 24.9 million euro.

Growth was mainly led by the eyewear sector, which in 2013 reached a 78.3 percent increase in total consolidated revenues, and nearly 8 percent ahead the comparable figures from the previous year.

"The goals we set for 2013 were all met, and in particular we have proved that our business model works even abroad," Andrew Weaver, CEO of Italian Independent, said. The quirky Italian label is now distributed across 72 countries, with an increasing flow of customers based France, Spain, Greece, Switzerland and Germany.

EBITDA for the period increased 57.4 percent to 4.7 million euro, compared with 3 million euro in 2012, while consolidated sales went up by 18.8 percent. The group´s net profit came in at 0.5 million euro, lower than the 0.9 million euro achieved in 2012.

Finally, the net financial position - or net debt - was negative and amounted to 3.9 million euros, compared to 3.7 million euros a year earlier.

Andrew Weaver, co-founder and CEO of Italian Independent Group, commented the results highlighting their content: "We are very pleased with these results and the extraordinary path of growth of the Group. The objectives that we set ourselves for 2013 were all met, and in particular we have shown that our business model works abroad. We must now look forward, make more and more solid the foundation and continue our international expansion, trying to balance growth with the need to strengthen our presence in key markets."