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.
