Italian fashion label Roberto Cavalli faced the brunt of a huge restructuring program in 2016, which cost a lot of money and resulted in a 55 million euro loss for the year.
Enormous turnover drop
Compared to 2015, its total turnover dropped 13.6 % to 155.2 million euro, but the company is not worried yet. “These results are in line with our expectations and do not come as a surprise”, CEO Gian Giacomo Ferraris said in a press release. “In only two months’ time, we drafted and executed a restructuring and redevelopment plan that already shows its first positive results now.”
Last year was a tumultuous year for the fashion label: it cut 200 of nearly 700 jobs in October and creative director Peter Dundas decided to leave the company as well. Thanks to the restructuring plan, Roberto Cavalli aims to become profitable again in 2018.
“We know we still have a long way to go, but we have valid reasons to be carefully optimistic”, the CEO said. “We have assembled a new, first-class management team and have internalize potentially important companies like Robert Cavalli men’s and children’s clothing, underwear and bathing fashion.”
