It Holding grows in first six months

At June 30, 2003, the consolidated turnover of It Holding SpA had reached 318.9 million euros, an increase of 2% compared to the 312.8 million euros of the first six months of 2002.

Turnover increased by around 8% at constant exchange rates and after deconsolidating turnover for the ready-to-wear collections and Romeo Gigli, Gigli and Husky accessories under third-party license from the first six months' income for 2002.

Of the 318.9 million euros, 29.1 comes from the eyewear sector (Allison), a 14.7% falloff, mainly due to a slowdown in the sector as a whole.

The Group's gross operating margin was 39.9 million euros, an increase of 16.0% compared to the first six months of 2002, with an improvement in the sales index equal to 12.5% of income. A positive contribution to this increase was made by the recovery of operating efficiency and by an improvement in the mix of products sold by the Group.

Italy has been confirmed as the primary market for the Group's products, with a share of 39.6% of the consolidated figures.

Tonino Perna, President and Chief Executive of the Group, expressed his satisfaction with the results achieved in a difficult macroeconomic context: "The first six months of 2003 were a positive period for the Group in terms of sales development and profitability. The results are particularly good if one considers the costs sustained for the acquisition and integration of Gianfranco Ferré SpA. I am confident that the Group's growth in turnover for the current year will be in line with the results for first six months."