Can you lose money and be happy? No. But a little less worried, yes. This is what happens to Damiani, a popular Italian fashion house, the only one that has had the courage to list on the stock exchange. Compared to other jewelry groups, therefore, Damiani is forced to make the accounts of its business public. Ergo, while many colleagues silently mourn the damage of the crisis, Damiani does not hide it. Having said this, let’s move on to the 2012 accounts, approved by the budget meeting on Friday 14 June. Damiani had to file another year in the red but, fortunately for him, it is a more pinkish red, that is, less deep than that of the previous year: we are now at – 8.6 million euros, while 12 months ago the negative result was 11.9 million. Ok, it’s not like you’re jumping for joy if you lose money repeatedly, but it seems like a sign of an improving trend. The consolidated gross margin (Ebitda) is instead negative for 2.7 million, also improving.
The budget data also say that revenues as of 31 March 2013 (the Damianis have a fiscal year shifted by three months) were 137.8 million compared to 151.6 million euros as of 31 March 2012. In short, 9% fewer revenues, but fewer losses: a sign that the company is not sitting on its hands. Indeed, in truth it continues its expansion abroad, where the Italian crisis does not exist: Damiani manages 70 points of sale, of which 49 direct and 21 franchised in the main streets of large cities in Italy and abroad. Over the course of the last year, six new boutiques were inaugurated abroad. And in May the first Damiani mono-brand boutique arrived in New Delhi, inside the luxurious Oberoi Hotel.
Here is the official comment of the group’s president: Guido Grassi Damiani:
“The fiscal year ends in a still complicated and difficult context with which our Group has had to deal and which has strongly influenced the results achieved. However, during the twelve months ended 31 March 2013 we grew with our directly managed single-brand and multi-brand boutiques, which confirmed the positive trends that have continued for four consecutive financial years, demonstrating the appreciation of our collections by the end customer , national and foreign. We continued to invest in Greater China where we are present with 9 stores, including recently inaugurated Beijing and Shanghai. The further implementation of the distribution strategy, more oriented towards the retail channel and abroad, and the full evidence of the structural interventions on operating costs, confirmed by the start of the new financial year, leads us to believe that in 2013/2014 the Damiani Group could see also reflected in appreciable economic-financial results achieved on a commercial, product and market level”.
