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Max Mara Profits Down 54.8%
Max Mara is having a tough time during the recession. The company reported
that net profits are down by 54.8% to $29.5 million from $60.9 million a year ago. WWD reports:
Founded in 1951 by entrepreneur Achille Maramotti in Italy's Reggio Emilia, the group today counts some 23 lines, from Mara and Sportmax to Max & Co., Marina Rinaldi and Pennyblack, each with dedicated design teams and catering to different target customers.
The group counts 2,250 stores in 90 countries worldwide, all designed in-house. Exports account for about 45 percent of sales.
The company had debt of $170.2 million at the end of 2008, which was nearly double the debt it had the year before. Global luxury sales are in a major slump that is not expected to end any time soon.
Posted on November 6, 2009
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Selective Beauty Enters Administration
 Selective Beauty, the French company that owns the licenses for the beauty lines of such designers as Max Mara, Trussardi, Benetton, and John Galliano, has entered into administration, the French equivalent of bankruptcy. The firm also distributes major cosmetic lines.
The distribution and manufacturing concern stated it is in recovery proceedings in the commercial court of Bobigny, France, to search for an agreement with its creditors and ensure the long-term strength of the group. The firm said two receivers have been appointment to help its management find the best solution.
"This recovery proceeding is limited to the French companies of the group, with foreign affiliates being kept out of the procedure," stated Selective Beauty. It explained management is working to set up a plan to strengthen the company, both financially and organizationally, in line with today's difficult market conditions.
It is unclear how the bankruptcy proceedings will affect the lucrative licenses that the company holds.
Posted on March 23, 2009
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