The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
The Brazilian footwear and accessories conglomerate registered an adjusted net income of 29.6 million Brazilian reais ($5.6 million) in the first quarter of 2021, an increase of 310.7 percent compared to the 7.2 million reais ($1.35 million) registered in the same period last year.
Net revenues rose 33.2 percent, reaching 499.9 million reais ($94.77 million), compared to 375.4 million reais ($71.1 million) in 2020′s first quarter.
The group includes footwear brands Arezzo, Schutz, Anacapri, Alexandre Birman, Fiever, Alme and Vans. It also operates the ZZ Mall marketplace, resale platform Troc and lifestyle brands AR & Co, including Reserva and its portfolio of fashion brands. Arezzo & Co said the recent AR & Co merger had a positive impact on its income and sales growth in this quarter.
The Sao Paulo-based company’s adjusted EBITDA grew almost 80 percent, year-on-year, to 64.7 million reais ($12.26 million), while its adjusted EBITDA margin rose 3.4 points to 13 percent.
Arezzo & Co’s e-commerce operations continued their upward trajectory, with 158.9 million reais ($30.1 million) in gross income in the first quarter, up 148.9 percent over the same period in 2020. The company’s online channel currently constitutes 27.7 percent of its consolidated revenues, compared to 15.9 percent in the first quarter of 2020.
Chanel, Louis Vuitton and Tiffany & Co are among the brands expanding in Perth, Australia in a bid to tap its mining, oil and gas wealth and newfound status as a travel hub.
This week’s round-up of global markets fashion business news also features Haiti’s sourcing crisis, Brazilian jewellery giant Vivara and Dubai’s Ramadan shopping season.
This week’s round-up of global markets fashion business news also features Supreme’s long-awaited Shanghai flagship opening, India imposes MIP on undervalued imports of synthetic knitted fabric and striking Sri Lankan workers continue to protest.
Imran Amed shares his observations from a trip to the wealthy desert metropolis, home to the most lucrative stores for many of the world’s top fashion brands.