MILAN — Growth in emerging markets and continued demand for fashion and luxury eyewear helped Marcolin Group register a 13 percent gain in net profit, which reached 21 million euros, or $29.2 million at average exchange, in the year ended Dec. 31.
In 2011, revenues rose 9 percent to 224.1 million euros, or $311.5 million, compared with the previous year.
Giovanni Zoppas, who was appointed chief executive officer in January, expressed satisfaction “with the excellent results obtained in 2011 due to the constant efforts of the past few years,” adding that “2012 will be quite challenging but I believe that Marcolin will obtain great results.”
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Marcolin’s licensed brand portfolio includes collections for Tod’s and Hogan, John Galliano, Roberto Cavalli, Kenneth Cole and Montblanc, in addition to house brands Marcolin and Web Eyewear. The Italian eyewear maker cited the new Swarovski line, launched in early 2011, as one of the brands that recorded double-digit growth last year and said the new Diesel lines were successful. Marcolin said it had signed an agreement in March 2011 under which Tom Ford extended its licensing agreement until December 2022. In February, the company signed a preliminary licensing agreement with Balenciaga and renewed in advance its license with DSquared2.
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Earnings before interest, taxes, depreciation and amortization gained 14 percent to 34.2 million euros, or $47.5 million, and operating profit climbed to 28.9 million euros, or $40.2 million, compared with 24.9 million euros, or $32.9 million, in 2010. The company said profitability was “even more remarkable” as these figures were affected by a nonrecurring payout of stock options that expired in the last three years.
Sales in Asia rose 46.6 percent, a region where the company continues to expand, especially in Korea and China. Although sales in this geographic area are growing, they still only account for 9.7 percent of total revenues. Hence, one of the group’s main objectives is to expand its presence in the Far East, which has high growth potential, as well as in America, said Marcolin.
Sales in the rest of the world climbed 14.9 percent, boosted by the Middle East and a number of South American countries. Sales in the U.S. rose 3.7 percent and accounted for 20.7 percent of total revenues. At constant exchange, they would have grown 8.8 percent.
Sales in Europe gained 4.6 percent, lifted by France, Germany, the U.K., Turkey and Russia, accounting for 53.5 percent of revenues.
As of Dec. 31, the group’s debt stood at 3.5 million euros, or $4.8 million, compared with 8.6 million euros, or $11.3 million, at the end of 2010.
Marcolin shares dropped 1.06 percent to 4.12 euros, or $5.40 at current exchange, on the Milan Bourse on Wednesday.