Ebit increased to €24.8 million (+24.2%) from € 20 million in 1Q 2007. Pretax income increased to €16.7 million (+20%) for 1Q 2008 vs. € 13.9 million in 1Q 2007. Net Financial Position reflected Net Debt of € 202.7 million vs. €193.4 million at December 31, 2007 reflecting an optimal debt/equity ratio of 0.67.
STRATEGIC AND OPERATING HIGHLIGHTS - 1Q 2008:
The 2008 first quarter has proven extremely dynamic with strategic acquisitions, product launches, senior management appointments, and the continued extension of the retail network.
Strategic acquisitions include:
• The acquisitionof 100% of Finduck, owner of the renowned brand, Mandarina Duck (May 2008). The Mandarina Duck brand, established amongst the leading international brands in the accessible luxury goods market, provides a full range of handbags and accessories for travel, work and sports;
• The acquisition of 35% of the equity of Jaya. With this acquisition, Mariella Burani Fashion Group owns 100% of Jaya's share capital;
• The acquisition of 14% of the equity of Francesco Biasia Spa (May 2008). With this acquisition, AP owns 100% of Francesco Biasia's share capital.
Product extensions include:
• Mariella Burani brand “Jeans” for the S/S 2009 collection;
• Mariella Burani lingerie, beachwear and casual wear collections.
Senior Management appointments include:
• Luca Bertolini, Managing Director of MBFG's Apparel division;
• Heinz Hackl, Executive President of Administration for Renè Lezard GmbH.
Product launches include:
• John Galliano's women's jewellery collection at Basilea;
• Francesco Biasia men's collection;
• Braccialini beachwear collection and perfumes;
• Baldinini perfumes;
• Andrea Pfister footwear collections.
The continued development of the Group's retail network with 255 boutiques at March 31, 2008 (86 DOS and 169 Franchises), including the inauguration of:
• 4 DOS (1 Baldinini in Florence, Italy; 1 Francesco Biasia in Rome, Italy; 2 Sebastian – 1 in Brescia, Italy and 1 in Paris, France),
• 14 Franchises, of which 4 Braccialini (2 in Russia; 1 in Turkey; and 1 in New York, USA) 5 Baldinini (3 in Russia; 1 in Ukraine; 1 in Turkey) and 5 Francesco Biasia (1 in Italy; 3 in Lithuania; and 1 in Japan).
The further integration of recently acquired companies with particular attention to the development of synergies within the Group.
OUTLOOK 2008:
As witnessed in the first quarter results, the accessible luxury goods market continues to offer many opportunities for MBFG.
The Group is benefiting from its strong presence in emerging markets which continue to drive growth and its limited presence in the USA and Japan, riskier markets characterized by slower consumer spending.
The encouraging sell-out statistics of the Spring/Summer 2008 collections, the positive performance in the first quarter of the year, and the acquisition of Finduck Srl, lead management to expect continued dynamic growth in 2008.
Mariella Burani Fashion Group Spa
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