MILAN, April 13 Italian fashion house Roberto
Cavalli said on Thursday direct sales had stabilised in the
first months of the year thanks to its reorganisation efforts,
after overall revenue plunged 13.6 percent annually in 2016.
The Florence-based group, popular with celebrities, reported
net revenues of 155 million euros ($165 million) for last year
and a loss before interest, tax, depreciation and amortisation
of 26 million euros. Restructuring costs contributed to a net
loss of 55 million euros.
But CEO Gian Giacomo Ferraris, who launched a deep overhaul
of the group six months ago, including cutting almost a third of
Cavalli's jobs, said in a statement direct sales were
"stabilised, if not slightly growing in the first quarter of
The fashion label, which has been going through an overhaul
since Italian private equity firm Clessidra bought it in April
2015, confirmed a return to profitability in 2018.
($1 = 0.9415 euros)
(Reporting by Giulia Segreti, editing by Valentina Za)