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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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