Nice Footwear, an Italian producer of mass and premium sneakers for international brands that went public Nov. 18, announced ”substantially positive” first-half results despite the negative impact of the Covid-19 pandemic and rising shipping costs and duties. In the six month ended Oct. 30, 2021, the Italian footwear group reported €14.8 million in total revenues, of which €7.37 million were generated in Italy and €7.49 million abroad. Ebitda and Ebit stood at 7.43 percent and 4.22 percent of sales, respectively.
Being the first half-yearly financial statement since its IPO on the Euronext Growth market in Milan, Nice Footwear did not provide comparative data for its consolidated results. However, data available for the parent company showed significant growth in the six-month period. Revenues rose to €11.1 million, up by 37 percent compared to the previous-year period. Ebitda increased by 19.5 percent to €0.80 million, Ebit grew by 11.3 percent to €0.39 million, and the net profit more than doubled to €195,611 from €78,703 in the first half of last year.
Nice Footwear said that it has found “new opportunities” in Europe to compensate for a decline in sales in “traditional channels” by focusing on its special projects business. The special project division represents about half of the company’s revenues. The Italian footwear company revealed that “numerous” international brands have contacted it in order to provide collections for the forthcoming spring/summer season.
The company claims that thanks to a reduced lead time, stemming from the use of a proprietary 3-D software to design its models, and the existence of a subsidiary in Hong Kong to oversee production by third-party factories in Asia, it can guarantee deliveries, without delays, to its clients before the start of the season.
The CEO, Bruno Conterno, noted that the strategy of focusing on luxury and premium products and the company’s first-half results make the management ”confident” that it can accelerate the pace in achieving the goals of its business plan.
Nice Footwear raised €5.5 million through its IPO, and it aims to grow organically and through acquisitions. On Jan. 17, 2022, it bought an 80 percent stake in Emmegi, a producer of premium handbags near Padua for €480,000, while in July 2021, it had announced the acquisition of Favaro Manifattura Calzaturiera, a manufacturer of high-end women’s shoes located in the Riviera del Brenta region near Venice.
