Harmont & Blaine closes the first quarter of the fiscal year with a 30 percent growth. The Campania company’s revenues amounted to 28.1 million euros in the quarter ended 31 March, a result that exceeds the budget defined by the company development plan for the period by 6.4%.
On the profitability front, focusing on “organic growth, targeted investments from a multi-channel perspective and rationalization of operating costs”, Harmont & Blaine improved its EBITDA, which returned positive compared to the first quarter of 2022 to 3.2 million euros, with an advance of 77% compared to the budget defined for the quarter.
Leading the quarterly performance are the two reference distribution channels of the brand, which during the Milan fashion week presents the spring/summer 2024 collection, “Harmontcromia”.
On the retail front, the brand is growing in double digits, with a progression of 36.3% in the quarter compared to the same period in 2022 and an increase of 15% compared to the predetermined budget. Meanwhile, wholesale marks an increase of 13.7% on the previous year, driven by the “good performance of the sales campaign of the autumn/winter 2023 collection”.
The results, the brand recalls, fit into the strategic business plan inaugurated last year in the wake of the acquisition of the 40% stake in Harmont & Blaine previously held by Clessidra Private Equity Sgr from Dachshund 2.0an investment vehicle established and led by Riccardo Bruno.
Among the growth levers identified by the new corporate governance that has seen Paolo Montefusco, historic stylist of the brand and representative of the founding partners, assume the role of managing director, we can trace the consolidation of the digital transformation and the development of an international multi-channel strategy, as well as the progress of brand penetration in the reference countries, first of all Italy, followed by Spain, the Dach area and Eastern Europe, as well as Mexico, Central America and the Middle East.
The four-year plan estimates “sustained organic growth” until 2026, through the expansion of the retail network and the strengthening of strategic partnerships in the wholesale channel, including commercial synergies with department stores The English Court in Spain and iron palace in Mexico.
For 2023, the Harmont & Blaine guidance estimates revenue growth of 12.6%, thus exceeding the 100 million euro mark.