BasicNet generated consolidated revenues of €398.6 million in 2023, up by 2.7 percent from the year earlier, as aggregate group brands revenues slipped by 10.4 percent to €1.14 billion, preliminary results show.
The Italian company, which is the parent of such brands as Kappa, Robe di Kappa, K-Way, Superga and Sebago, said its 2023 performance was “particularly satisfying,” as it came after record results in 2022 and amid “a highly complex economic and sociopolitical environment.”
BasicNet noted that sales of third-party commercial licenses declined as consumption normalized in some markets following “extraordinary” growth the year earlier. Sales grew in its directly managed markets of Italy, France and Spain.
Ebitda for the year fell by 4.6 percent to €58.1 million and was impacted by increased investments in sponsorships, communications and human resources, “confirming the continued commitment to the consolidation and the development of the brands.” Ebit declined by 10.9 percent to €41.1 million and was affected by increased amortization and depreciation, as BasicVillage Milano became fully operational and 11 new direct points of sale were opened as part of the company’s retail segment development. BasicVillage Milano is a 4,500-square-meter complex inaugurated in September 2022 that comprises showrooms for the group’s main brands as well as offices and apartments.
BasicNet’s net financial debt decreased to €139.1 million at the end of 2023 from €141.7 million the year earlier.
“Investments in communication have been intensified and new professionals have been hired in the commercial and retail areas, with the goal of boosting development over the coming seasons,” said Federico Trono, the CEO.
Final 2023 results will be released on March 8.
