Annual net profit at Max Mara almost halved in 2008, dropping to €20.1m (£17.9m) from €44.5m (£39.6m) the year before as the global recession hit the Italian womenswear brand’s bottom line.
According to WWD, group revenues in 2008 were flat, reaching €1.25bn (£1.11bn) compared with almost €1.26bn (£1.12bn) the year before. EBITDA dropped to € 73.6m (£65.5m) from €75m (£66.8m) in 2007.
Net finance income dropped to €11.4m (£10.1m) from €24.5m (£21.8m) in 2007.
“The ongoing global financial and economic crisis began to be effective in the second half of 2008 and in particular in the last months of the year,” said chairman Ignazio Maramotti in the group’s annual report.
The company said last year’s performance was caused by “the inevitable reduction” of customer spend. “We believe this grave crisis will continue to have negative effects over the next few years,” said the report, adding Max Mara’s “prudent strategy attenuated the negative effects” of the crisis.
Max Mara has 2250 global stockists.