Brioni announces consolidated results for 2008 with revenues unchanged and profits

Perrone replaces a three-person governing committee which for the past three years has included Antonella De Simone and Antonio Bianchini as co-managing directors, a governing structure set in place over the last 10 years.

The company produced 2008 results with revenues substantially in line with the €207m recorded in 2007, and approved an ambitious expansion plan, to include store openings across Asia and the Middle East starting in September 2009 and running through 2010.

"We are very pleased that our business continued to do well in 2008, and we are fully aware of the challenges we will be facing in 2009, especially in North America. But we are well positioned to face the global economic downturn with confidence and cohesion,"

Perrone said.

The 39-year old Group CEO, a grandson of Brioni co-founder Gaetano Savini, has worked his way up in the company, starting with a role supervising the label's 1,200 tailors who hand-make Brioni suits at the company factory in the Abruzzo region of Italy.

Perrone said Brioni produced consolidated group profits of €32m at the Ebitda level on revenues of €200m for 2008, down only 3% in 2008, while the sector average decline was almost in double digits.

"In the current year we will continue to concentrate on value-added quality production and casual wear," he said. "Maintaining our 100% 'Made in Italy' policy will not only preserve jobs at home, but also protects our know-how and we believe it will pay ample dividends in years to come because it preserves Brioni's excellence and exclusivity as a luxury Italian brand."

Brioni also announced ambitious plans to expand over the next 36 months in Shanghai, Beijing and several other locations across China, starting in September 2009.

"China is a top priority for Brioni, because the emerging Chinese business and political elite is appreciating more and more the excellence of 'Made in Italy' products, and in luxury menswear the quality and exclusivity of Brioni," he said

The company also said it would add to its already-existing presence in Dubai and Abu Dhabi with new stores in Bahrain, Qatar and Beirut where consumer growth would develop faster thanks to their oil-based economies.

"We decided three years ago to plan a far-reaching commercial strategy of creating new revenues in Asia and the Middle East, including India, China, Malaysia, Singapore and Indonesia. We are still growing in Asia and the Middle East, and we are beginning a special drive in China,"

said Mr. Perrone.

For the past 18 months Brioni has pursued an international expansion strategy, opening new stores in Russia, Kazakhstan, Azerbaijan, Malaysia, Hong Kong, China, South Korea, Indonesia, India, UAE, France, and the United States.

The company also plans to open in Barcelona, Venice, Dusseldorf and Hamburg as a sign of confidence in the European elite.

"Despite the recession we continue to have a loyal following among affluent European consumers, including the German-speaking countries of Switzerland, Germany and Austria, who are enthusiastic about Brioni's contemporary sartorial elegance," he added.