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K-Way owner BasicNet records revenue of €409.2 million in 2024, up 3.1%

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7 days ago

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Translated by

Nicola Mira

Published



February 13, 2025

BasicNet continues to grow, and in fiscal 2024 it recorded a consolidated revenue of €409.2 million, up by 3.1%. The results for the Italian fashion group that owns Kappa, Superga and K-Way were reported by the board of directors, and will be formally approved on March 7.

Federico Trono, CEO of BasicNet

In 2024, the group’s EBITDA was €61.1 million, up by 5.1%, while EBIT was €42.1 million (up 2.6%), driven by the opening of 12 monobrand stores as part of the group’s retail expansion plan. The net financial position was minus €142 million. In 2024, the Turin-based group paid dividends worth €7.4 million, and bought back shares worth €14.4 million.

BasicNet’s revenue included direct sales for €346.8 million (up 4.2%) and €60.9 million (down 2.2%) of royalties from commercial and manufacturing licensees. Total consolidated product sales by the BasicNet brands were €1.2 billion (up 3.3%), of which €864.7 million generated directly and by commercial licensees (up by 5.4%), and €313.8 million generated by manufacturing licensees (down 2.3%).

Direct and commercial licensee sales were up 12.1% in Europe, which accounted for approximately 76,6% of consolidated sales, and by 1.5% in the Middle East and Africa. They slumped however in the Americas (down 21.3%) and Asia & Oceania (down 22.6%).

“The gradual improvement throughout the year of our economic performance and equity position, supported by the solid commercial growth of the group’s brands, allowed us to deliver record consolidated revenues and EBITDA.  At the same time, working capital was optimised and the debt to banks reduced,” said BasicNet CEO Federico Trono.

As anticipated in January, BasicNet has set February 28 as the deadline to close the deal with the Permira investment fund, which is acquiring a stake in K-Way.

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Sports Direct owner Frasers Group pulls out of XXL ASA pursuit

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13 minutes ago

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February 20, 2025

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Published



February 20, 2025

Frasers Group announced on Thursday that it won’t be proceeding with its intended voluntary offer for the shares of Norway’s XXL ASA it doesn’t already own at NOK10 (around 71p) per share.

Sports Direct

The company’s proposed offer first hit the headlines in early December. With the British group holding 25.8% of the issued share capital, the total deal size to acquire all the shares was set to be about NOK246 million (£17.5 million).

But now the retail giant has said that with its intended offer subject to several conditions and it having reserved the right not to proceed if it became evident that any of the specified conditions wouldn’t be fulfilled, it’s walking away.

Through correspondence with the company, Frasers has been told that XXL’s other large shareholders wouldn’t accept the offer if made. That would mean Frasers was unlikely to be able to reach its goal of holding more than 50% of the shares in the struggling sports retailer.

The company’s intended offer in December came after a shareholder revolt over management’s plans to fund a turnaround.

The Norwegian retailer had struggled with a weak sports market and had seen 10 consecutive quarters of negative growth. It’s unclear what XXL ASA’s prospects are now.

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Skechers taps footballer Isco Alarcón as brand ambassador

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45 minutes ago

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February 20, 2025

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Published



February 20, 2025

Skechers announced on Thursday the signing of Spanish football star Isco Alarcón, currently playing for Real Betis Balompié. 

Skechers taps footballer Isco Alarcón as brand ambassador. – Skechers

In this role, Alarcón joins team Skechers and is already competing in the Skechers Razor 1.5 Elite boots. He will also play a key role in Skechers football’s marketing campaigns, further expanding the brand’s reach in Spain and beyond. 

“Isco Alarcón is a great football player with a significant track record at the national level. He’s returning from an injury to his elite-level play, which is the perfect time to officially bring him onto Team Skechers,” said Txerra Díaz, country manager of Skechers Iberia. 

“We believe he fully aligns with the brand’s profile and will help players across Spain and Portugal discover Skechers Football and the signature Comfort That Performs offered by our boots.”

Alarcón has established himself as one of the top midfielders of his generation. His career includes stints with Valencia CF, Málaga CF, and a highly successful period at Real Madrid, where he won five UEFA Champions League titles. 

Since launching its football division at the start of the 2023/24 season with the signing of Bayern Munich striker Harry Kane, Skechers has rapidly expanded its presence in the sport. The Skechers Football range spans three Elite styles for men and women, as well as a line of Academy boots perfect for all levels of play.

Alarcón joins an elite group of footballers in Spain competing in Skechers football boots, including Iker Losada from Celta, Antonio Sánchez from Real Mallorca, and Pere Milla from Espanyol.

Other top-tier athletes wearing Skechers Football boots include Turkish international Baris Alper Yilmaz, West Ham United and Ghana National Team winger Mohammed Kudus, Arsenal and Ukrainian National Team defender Oleksandr Zinchenko, and Nottingham Forest and Swedish National Team forward Anthony Elanga.

“Football and life are played better when you feel comfortable at every step,” said Alarcón. “I’m very excited to be part of the Skechers family in this next chapter in my career.”

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Prada gets exclusive four week access to Versace financial data, source says

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1 hour ago

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February 20, 2025

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Reuters

Published



February 20, 2025

Italian luxury group Prada has been given access, ahead of any other potential suitors, to the financial data of smaller rival Versace which owner Capri Holdings has put up for sale, a source close to the matter said on Wednesday.

See catwalk
Versace – Spring-Summer2025 – Womenswear – Italie – Milan – ©Launchmetrics/spotlight

Prada has four weeks to conduct its assessment, the source said, as it weighs an acquisition that would mark a significant shift in strategy. No decision on whether to actually pursue the deal has yet been taken at this stage, the source added.

Capri Holdingss is working with Barclays to explore a sale of its Versace and Jimmy Choo brands, sources told Reuters this year.
Prada and Barclays declined to comment. Capri Holdings was not immediately available for a comment.

Prada last completed acquisitions of other brands in the late 1990s and has been focusing on internal growth since then, defying expectations it could aspire to create a larger Italian fashion hub.

The acquisition of Versace would allow Prada to target a different customer group, with tastes far from Prada’s trademark minimalism.
But the Hong-Kong listed group would also have to deal with a challenging turnaround of the Medusa-logo brand, industry sources said.
Versace reported a 15% decline in revenues in the third quarter ending on December 28 and the operating loss increased to $21 million in the period, from $14 million a year earlier.

Capri Holdings expects Versace’s revenues to drop to $810 million in the 2025 fiscal year and the operating margin to break even in the following fiscal year, according to long term financial targets published on Wednesday.

The brand’s performance and the sector’s bleak outlook could make it hard to set a price, complicating negotiations, according to industry sources, who said a turnaround would require investment.

Capri Holdings, formerly known as Michael Kors, bought Italian luxury brand Versace in 2018, for 1.83 billion euros including debt.
The four week exclusivity deal was first reported on Thursday by Italian daily Il Sole 24.

© Thomson Reuters 2025 All rights reserved.



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