Basicnet, the owner of Kappa, Superga, Sebago, K-Way and other brands, posted aggregate sales of €777.6 million in the first nine months of 2019, representing a strong 22.8 percent increase at current exchange rates as compared to the same period of 2018, and an increase of 18.7 percent at constant exchange rates. No details were given about the performance of the individual brands, not even Sebago, which was recently acquired from Wolverine Worldwide.
The scope of aggregate sales did not change following the acquisition of Kappa Europe, whose revenues included those of the recently acquired French licensee for 2018 and 2019. The picture changes when it comes to consolidated revenues.
Consolidated revenues for the nine months to Sept. 30, 2019 reached €235.8 million, and they were up by 55.2 percent at current exchange rates, while the growth at constant exchange rates was of 54.9 percent. These figures include the entry of Kappa Europe into the consolidation, net of which the revenues grew by 18.1 percent at current exchange rates. Consolidated revenues comprise the royalties, sourcing commissions and sales of BasicItalia, BasicRetail, BasicRetail Suisse and Kappa Europe.
Royalties and sourcing commissions grew by 2.8 percent at current exchange rates, and by 1.6 percent at constant exchange rates, to €40 million, excluding €5.1 million of royalties and sourcing commissions on Kappa Europe's turnover. Including this item, the growth was of 15.9 percent as compared to the nine months ended on Sept. 30, 2018.
Direct consolidated sales were €195.8 million and were up by 73.3 percent, both at current and constant exchange rates. Excluding Kappa Europe's revenues, direct consolidated sales grew by 18.9 percent.