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Daily News – September 17, 2009

September 17, 2009

WWD and Reuters are reporting that UK-based clothing company French Connection suffered a much wider loss margin and as a result are closing a number of stores around the world.

The group, which controversially began branding its clothes ‘fcuk’ in 1997, on Thursday reported a pretax loss of 12.8 million pounds ($21.06 million) on revenue 4 percent higher at 116.9 million pounds for the six months to the end of July.

Reuters is also reporting that Cavalli is changing two of their most senior positions after the family-managed company decided to change their management and growth strategy. Gianluca Brozzetti, 55, was named as Group Chief Executive Officer and 57 year-old Carlo Di Biagio as Group Chief Operating Officer.

In its statement, Cavalli also said first half sales fell 19 percent to 88 million euros, with half of the fall due to problems at IT Holding (ITH.MI) unit Itierre. The IT Holding group is in special administration.

In 2008, Cavalli posted a 57 million euros EBITDA on sales of 224 million euros, the company said. (Writing by Nigel Tutt; Editing by Hans Peters)

Roberto Cavali And Sharon Stone

Roberto Cavali And Sharon Stone


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