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

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Nicola Mira

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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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Olive Young expands into U.S. market with Los Angeles subsidiary

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February 18, 2025

K-beauty retailer CJ Olive Young has officially entered the U.S. by establishing a local subsidiary in Los Angeles, with plans to open its first physical store in the market.

Olive Young expands into U.S. market with Los Angeles subsidiary. – Olive Young

To establish a strong foothold in the U.S., CJ Olive Young will localize key business operations, including product sourcing, marketing, and logistics, as part of its strategy to strengthen its global e-commerce platform. 

Olive Young Global, the beauty giant’s online mall, is already available in 150 countries, with North America emerging as a key market and becoming a major contributor to the platform’s total sales.

To enhance the shopping experience for U.S. customers, CJ Olive Young plans to localize the global mall’s user interface, payment options, and product information display. The company will also analyze local consumer data to refine its product curation strategy, aligning with U.S. consumer preferences.

To complement its online presence, CJ Olive Young is currently evaluating potential locations for its offline store.

“The launch of our U.S. subsidiary marks a significant step in our mission to support small and medium-sized K-beauty brands in the global market and foster a sustainable growth environment for the industry,” said CJ Olive Young CEO Lee Sun-jung. 

“We will continue to serve as a ‘growth booster’ for K-beauty worldwide, ensuring that the industry’s upward momentum remains strong.”

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Atlas gives a voice to independent and sustainable brands in Los Angeles

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February 18, 2025

On February 1, UC Berkeley graduate Andrew Buxton opened a brand new concept store in the Westfield Century mall, dedicated to sustainable, handcrafted goods from independent fashion and beauty brands, around half of which are local to Los Angeles. 

Atlas has opened its first store at Westfield Century City – Atlas

“Initially, we discovered new brands through social media and personally reached out to each once,” said Buxton. “Once we launched our Instagram account and had more of a social media presence, the dynamic shifted-brands started reaching out to us! While our selection primarily features American brands, we also carry a few standout international labels. We seek our brands that prioritize sustainability and ethical practices but also have compelling, purpose-driven missions. Our focus is on designers and makers who are passionate about a positive impact through their craft.”
 
Occupying a 3,100-square-foot space previously held by Lululemon, Atlas’ selection carries around 120 sustainable brands at a wide range of price points.

“Our first Atlas store is designed with a timeless coastal aesthetic to be warm and inviting, creating a space where customers feel welcomed and inspired to discover new brands,” explained Buxton. “A key element of our design is the dedicated plaques for each of our brands, offering a brief yet meaningful glimpse into their mission and story. We believe this personal touch fosters a deeper connection between customers and the independent brands we champion—many of which are experiencing traditional retail for the first time.”

From everyday and occasion wear by Surf Trip Supply and Aisol, to viral beauty products from Kikiz Cosmeticz and artisanal candles by Soleia Lane, Atlas offers something for everyone. Among them is The Lalela Scarf, a brand that donates 100% of its profits to Lalela, a nonprofit offering arts education to youth in under-resourced South African communities. The designs are created using Lalela learners’ original artworks, making a sustainable cycle of life-changing art.

Andrew Buxton, founder and CEO of Atlas retail store – Atlas

On the jewelry side, Sky Metals Gallery was founded by a mother of a child with special needs. Seeking an outlet for expressing her creativity, she turned to crafting delicate, everyday pieces that allow her to also give back. With every purchase, Sky Metals Gallery donates part of its proceeds to the Hydrocephalus Association, an organization near and dear to founder Caitlin Campbell’s heart.

For those looking to discover a new cult favorite, Nhobias – a New York-based luxury streetwear brand is dedicated to bringing balance and unity to a world full of extremes. From everyday athleisure to an unexpected twist on classic styles, Nhobias is on a mission to raise the bar, pushing forward ideas that encourage critical thinking, dialogue, and growth.
 
Atlas, which does not communicate on its remuneration method with committed brands, hopes  to reinvent modern retail by bringing consumers back into brick-and-mortar stores.

“Each of our brands has its own online presence so by providing them the physical space to showcase their pieces and incredible stories in high-traffic shopping destinations,” added Buxton. “They’re able to connect with consumers in a whole new way that might never have been available to them otherwise. Over the last decade, in-person retail has become more competitive and especially challenging for small, up-and-coming brands. Atlas was created to be a springboard for our brands, enabling them to grow, gain valuable insights, and achieve the success they deserve.”

Atlas store carries more than 120 sustainable fashion and accessories brands – Atlas

Buxten, who grew up in Los Angeles, saw the Westfield Century City mall as the perfect location for his concept: “Los Angeles is an ideal city for the launch and growth of Atlas. One of the global leaders in fashion and lifestyle trends, Los Angeles has such a rich network of small brands, creatives, and shoppers that are looking for fresh, innovative retail experiences. With an emphasis on sustainability and conscious consumerism, we’re bringing over 100 small, diverse, ethically made brands to high-traffic destinations. Atlas is offering a retail model that not only meets but elevates the expectations of Los Angeles shoppers,” the founder added.

Supported by several renowned investors, the Atlas project first won over entrepreneurship professor Umair Khan. “As a founding partner at Mentors Fund, [Khan] decided to back Atlas and became our first investor,” said Buxton. The project then received the support of another Berkeley Professor and co-creator of Guitar Hero, Charles Huang, as well as guest speaker and co-founder of Lime, Brad Bao.
 
Aged just 19, Buxton admits that his young age was not a problem. “Age doesn’t have to be a handicap,” said Buxten. “I actually see it as an advantage. However, I recognize that, to succeed, I have to prove myself and be willing to learn and trust those who are more experienced in the industry. While working with Umair, I discovered that I am the first student he has taken a risk on and invested in. He acknowledged that I am young and people will question, ‘Can a 19-year-old actually pull this off?’ Questions like these don’t have to be seen as expressions of doubt or hesitation. I see them as motivators to push the boundaries of what can be expected of a young entrepreneur.”
 
After the opening of Atlas in Los Angeles, Buxton is already thinking of extending the concept into other major cities like San Diego and San Jose, before bringing Atlas to other key markets across the U.S soon after.

“A core part of our mission is ensuring that as Atlas grows, many of the brands we champion grow with us,” added Buxton. “Each new location offers our independent brands the opportunity to reach new audiences, helping them scale in a way that feels organic, sustainable, and provides vital insights into different markets. We’re excited for the future of Atlas and continuing to support emerging brands on their journey.”
 

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Anua expands U.S. presence at Ulta Beauty

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February 18, 2025

K-beauty skincare brand Anua is expanding its presence in the U.S market through a strategic partnership with beauty retailer Ulta Beauty.

Anua expands U.S. presence at Ulta Beauty. – Anua

As part of the partnership, Anua products are now available in 1,400 Ulta Beauty stores across the U.S. The in-store launch is set to enhance the brand’s connection with North American consumers through branded displays and front-of-store tables showcasing its bestsellers. 

Likewise, as part of the rollout, customers who make qualifying purchases will receive a Double Cleansing Duo set as a complimentary gift through February 22.

The move follows the debut of Anua on Ulta’s e-commerce platform in December last year.

“We are delighted to achieve such strong results as we successfully expand into the competitive U.S. retail market, following our online success,” said an Anua representative. 

“Through our continued partnership with Ulta Beauty, we will work toward becoming a global No.1 skincare brand through strategic marketing initiatives and innovative product development tailored to our customers.”

Launched in 2019, the K-beauty brand continues to resonate with global consumers through its innovative marketing approach including its success on TikTok, where brand-related content has amassed over 2.4 billion views, particularly among Gen-Z audiences. 

The brand’s bestsellers include the Heartleaf Pore Control Cleansing Oil; Heartleaf Quercetinol Pore Deep Cleansing Foam; and the Niacinamide 10 TXA 4 Serum.

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