Italia Independent expects to post sales of €42 million in 2024 and return to a net profit in 2023. The new forecasts push back the group’s return to profit by a couple of years.

In the business plan to 2024 approved by the board, the loss-making Italian eyewear company expects to post a positive Ebitda of €2.4 million in 2022 and a net profit of €3.0 million in 2023, by leveraging on the cost savings carried out in 2020.

In 2020, sales rose by 12 percent from €7.77 million in 2019. Italia Independent also posted a negative Ebitda of €1 million, improving from a loss of €6 million the previous year.

After having streamlined its brand portfolio, the company’s expansion will be underpinned by the five-year license agreement with the footballer Cristiano Ronaldo, known as CR7, that was announced on Jan. 29, 2020. The first CR7 collection covered the spring/summer 2020 season. Italia Independent also extended to 2024 its license agreement with the Hublot brand. The focus will also be on the company’s house brands Italia Independent and Laps.

In July 2020, Italia Independent launched the online store that currently enables it to sell the CR7 collection in 46 countries. By the end of 2022, it aims to service 122 countries. The company is working on a sales, marketing and customer relationship management platform using a Salesforce license which is expected to be launched this year. It also plans to reinforce its foreign sales team which was set up in the fourth quarter of 2020. E-commerce and international expansion, especially in Asia, are central to the company’s growth.

Initially, in a business plan approved in November 2019, the company was aiming to reach sales of €43 million in 2023 but then downgraded its forecasts at the end of May 2020, setting a new revenue target of €40 million for 2023.

In the May update of the business plan, the company was targeting to be at breakeven, at net profit level, in 2021 and to post a positive Ebitda of €5.8 million and a net profit above €3.0 million in 2022.

Italia Independent also unveiled the terms of its capital increase that will consist of 4,659,229 new shares priced at €1.67 each and representing total proceeds of €7.781 million. Shareholders will have the right to buy 13 new shares for every 28 held and the funds will be used to finance the group’s business plan.

The rights to take part in the capital increase have to be exercised between Jan. 25 and Feb.18 and can be traded on the Milan stock exchange from Jan. 25 to Feb. 12.

The main shareholders Lapo Edovard Elkann and Creative Ventures already made combined advance payments of €5.47 million towards the capital increase. Elkann currently owns 53.37 percent of Italia Independent and has made advancement payments totaling €4.163 million, while Creative Ventures holds a 25.44 percent stake and has forwarded €1.307 million.