Berluti Fast Track
Berluti - in debt
Italian luxury brand Berluti, which is celebrating its 130th anniversary this year, is burdened with huge debts. The head of the brand's parent company LVMH, Bernard Arnault, spoke about Berluti's dire situation during the presentation of the French luxury group's financial results for 2024, writes Glitz.Paris.
Back in 2023, the brand recorded a loss of 10,1 million euros on a turnover of 148 million. A more than satisfactory result, considering that in the previous year, 2022, with revenues of 116 million euros, Berluti's losses amounted to 28 million euros. According to Glitz.Paris, in July 2023, Berluti's capital was increased by 28,8 million euros to offset part of these losses.
The stores in France reported good results and sales growth in 2023. However, this was not enough to offset the losses of some international stores, especially in Asia.
Berluti's Hong Kong subsidiary posted a loss of 2023 million euros in 1,6, while its Macau subsidiary posted a loss of almost 900 euros. Until January last year, Berluti's CEO was Antoine Arnault, son of LVMH boss Bernard, who was replaced by Jean-Marc Mansvelt.
Berluti Fast Track
Despite the lackluster results, the brand continued to make major investments, particularly in opening new retail stores and renovating old ones. To judge the current state of the brand, analysts are waiting for data for 2024, in which Berluti designed the official tracksuits and sneakers for France at the Olympics.
Hopes are pinned on the Berluti Fast Track hybrid shoe, which was hailed as a success product during LVMH's recent 2024 financial results presentation.
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Italian luxury brand Berluti, which is celebrating its 130th anniversary this year, is burdened with huge debts. Bernard Arnault, the head of the brand's parent company LVMH, spoke about Berluti's dire situation during…
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