Folli Follie Group bucked the market by experiencing strong growth in the first quarter of 2016.
The company which owns both Folli Follie and Links of London saw sales grow by 9.3% to € 293.7m (£227m) whilst group EBITDA (earnings before interest, taxes, depreciation and amortization) increased by 6.9% to € 70.9m (£54.8m) in Q1.
Net profits after tax and minority rights were at € 43.2m (£33.4m).
Revenues from the group’s jewellery, watches and accessories business lead the way with growth of 11.7% to € 204.3m (£157.9m) while department store business was up 5.7% during the first three months of the year, equating to € 41.4m (£32m).
The newly opened Links of London store on London’s Regent Street was credited with helping the brand’s ‘strong results’ in the UK and Ireland.
George Koutsolioutsos, chief executive officer of the FF Group, said: “We had a positive start to the year for our group. All business units continue to grow and exhibit resilience to the adverse environment in the majority of the markets we operate in. In this context, strategic priorities remain, the investment in (i) extending our product lines in the Jewellery Watches & Accessories segment, (ii) entering into new markets (iii) the distribution of appealing brands as well as digital technology.
“We believe that major transformations are taking place that are effecting the competitive environment in global retailing whereby technology assists the customer in being more knowledgeable about products plus sensitive to prices and e-commerce is substituting the traditional bricks-and-mortar channel.”
Koutsolioutsos concluded: “We continue to adapt our business model to this changing environment in order to remain lean and efficient and we remain focused on our targets for 2016 and in the medium-term. Our primary target is to navigate the Group safely to the benefit of our shareholders and our employees”.