The German fashion concern Escada Group saw its net profit drop 5.6 percent in the first quarter to €107.9 million. Group sales fell 3.3 percent to €161.2 million. Profit before tax, however, gained 13.5 percent. The group blamed the drop on foreign currency effects, but did not appear concerned. The fall in sales was said to have been the result of the “deliberate adjournment of sales into the second quarter� to coincide with current market requirements. Sales for the Escada brand dropped 7.8 percent to €111.5 million, although EBITDA rose 9.6 percent.
“We have laid a solid platform in the first quarter to achieve our objectives for the full fiscal year,â€? said chief executive Frank Rheinboldt. “The Group’s current strategic projects are all in line with plan, especially the worldwide renovation program for our own shops. The ongoing optimization of structures and processes allows us to improve our cost positions continually further.â€?
Earlier this week the group announced its new strategi partnership with footwear business Vicini. The Italian company is owned by Giuseppe Zanotti, which also holds footwear licenses for Gianfranco Ferré and Roberto Cavalli. Vicini will produce all Escada prototypes. Current footwear licensees will continue to produce shoes for the group under supervision of Florence based Escada Production Accessories. Escada’s creative director Damiano Biella will be responsible for footwear designs.
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