The Italian subsidiary of the Austrian group Swarovski recorded a growth of 10% in turnover to ItL 118.7 billion in 1999, according to a recent press report. Cash-flow for Swarovski Italia was reporte…
The Italian subsidiary of the Austrian group Swarovski recorded a growth of 10% in turnover to ItL 118.7 billion in 1999, according to a recent press report. Cash-flow for Swarovski Italia was reportedly equivalent to 17.6% of profit. At the end of a year, which has seen a number of investments by the Austrian crystal manufacturer in Italy, the Italian market achieved the highest sales figures within the group for Europe, and the second highest sales for the whole world, behind the US which comes in at first place. Demand in Italy has grown both for Swarovski“s finished products, now worth almost ItL 90 billion in turnover, and for partly finished products for use in Italy“s fashion industry. In view of the importance this sector has in Italy, the Swarovski group has in fact concentrated all of its design and production for fashion in the country, according to Swarovski Italia“s managing director Rinaldo Albanese. Additionally, the group recently bought the Italian button-making company Marangoni di Milano, which includes its fashion school. Earlier in 1999, Swarovski opened a shop in the Galleria Vittorio Emanuele II, one of Milan“s most prestigious shopping arcades. More shops are due to open in major cities throughout Italy during 2000. At the same time, the group has been streamlining its overall operations and has scrapped about a hundred sales rights around the world. It has also opened new franchise stands, and the number of its sales outlets now stands at 3,500.