BasicNet, the parent company of Kappa, Robe di Kappa, K-Way, Superga, Sebago and other brands, posted aggregate sales of €241.6 million in the first quarter of 2019, representing an increase of 16.1 percent from last year's first quarter, with a growth of 15.9 percent in local currencies.

Consolidated revenues jumped by 38.9 percent to €74.6 million, reflecting the effect of the acquisition of Sport Finance, the French-based licensee for the Kappa brand in France, U.K., Switzerland, Spain and Portugal at the beginning of 2019. Excluding that acquisition, the group's consolidated revenues went up by 16.5 percent to €62.6 million, including an increase in direct sales in Italy of 19.5 percent to €48.3 million. Royalties and sourcing commissions went up by 7.4 percent to €14.3 million, rising by 4.8 percent at constant exchange rates.

Revenues grew across all markets. The increase was particularly high in the Americas, where wholesale-equivalent revenues jumped by 36 percent, as well as in the Middle East and African markets, which were up by 56.3 percent. Europe grew by 13.4 percent, while revenues in Asia and Oceania increased by 17.1 percent.

As previously reported in SGI Europe (Vol. 30 n°11,12 of March 22, 2019), BasicNet recently appointed a new chief executive, Federico Trono, a 12-year veteran of the company, to replace Gianni Crespi after the completion of his three-year mandate. The appointment of the new CEO was approved at the shareholders' meeting that was held on April 19 along with the election of a younger board of directors that includes two sons of the company's founder, Marco Boglione: Alessandro and Lorenzo Boglione.

The annual meeting also approved a resolution for the buy-back of up to €4 million worth of shares in the company. BasicNet already holds 11.5 percent of its own shares.