The board of directors of Italia Independent has agreed to call a shareholders' meeting to clear a €7.8 million capital increase to finance the company's 2019/23 business plan, which aims for annual sales of €42 million in 2023 and a return to profitability in 2021 with an anticipated Ebitda of €3.2 million and net profit of €1 million (see Eyewear Intelligence Vol. 20 of Nov. 4, 2019). The board also acknowledged that two key shareholders, Lapo Edovard Elkann and Creative Ventures, will make an advance payment of €2.5 million that will be converted into shares with the capital increase.

Topics