Dan Emanuel Levi, president of Visibilia and member of the Mevorach family that has run the group for many years, has become the company's majority owner, with a 70 percent controlling stake. The 36-year-old executive, who worked previously for KPMG Corporate Finance, expects the Italian group to recover from its previous losses for the financial year ending next June 30 on 25 percent higher sales of €30 million, and his business plan calls for higher margins and a new sales target of €50 million, to be attained through new licensing agreements and a strengthening of the company's foreign sales apparatus.
The company's sales were flat last year, but they have grown considerably since four years ago, when they were still at an annual level of about €20 million. The company recently lost the Iceberg license, which went to Allison, but it is looking at other new brands now. The Benetton licenses, which were previously held by the now defunct Metzler Italy, are a possibility. One of the group's licenses, Blumarine (sic), will be strengthened by the addition of a line called Blugirl (sic) under a new deal signed for the 2007-2012 period.
The group's financial objectives were approved by the pool of bankers that contributed, along with Levi's own substantial personal means, to finance an equity increase that gives him majority control over the family business. The most difficult phase of the plan was the closing of a plant at Taiben Agordino, whose operations have been consolidated into the only other one operated by the group at Marghera, near Venice. The factory will concentrate in the future on the developing of the prototypes and on finishing, while all the other stages will be contracted out to third parties.
Visibilia launched its new licensed Emmanuel Ungaro collection at MIDO earlier this month. Other licenses in its portfolio include Laura Biagiotti, Alessandro Dell'Acqua, Mandarina Duck, Tom Tailor and Trussardi.