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Brioni Names Andrea Perrone to Top Post and Announces 2008 Net Earnings of 32M euros

Brioni

Brioni

MILAN, Jul 8, 2009 / FW/ — Fresh from unveilings its Spring 2010 menswear collection and a successful collaboration with London’s Royal College of Art, Brioni announced today that Andrea Perrone has been named as Group Chief Executive Officer effective immediately.

The grandson of Brioni co-founder Gaetano Savini, the 39-year-old Perrone worked his way up 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 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.

“I would like to thank Antonella De Simone and Antonio Bianchini for their fundamental contribution to the consolidation of Brioni and to the Group’s company policy leading up to this historic turning point that will allow us to face the challenges of the current recession more cohesively” said Andrea Perrone in a statement.

At the same time as Andrea Perrone’s appointment, the Group announced consolidated 2008 revenues that were substantially unchanged from 2007’s €206.5M, with consolidated profits (EBITDA) of €32M, 3% down on the previous year.

“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.

“Defending employment and protecting our know-how is something that we care about very much and that will require sacrifices over the coming months, but we are confident that in the mid-term we will be repaid for defending the excellence and exclusiveness of our ‘Made in Italy’ products,” Perrone added.

The company has announced that it is planning a commercial strategy that centres on the new emerging economies in Asia. This ambitious business expansion plan will involve China with new openings in Shanghai, Beijing and other Chinese cities, starting from September this year.

In the past 2 years Brioni has pursued an international expansion strategy, opening in Russia (Saint Petersburg, Kiev and Ekaterinburg), Kazakhstan (Almaty), Azerbaijan (Baku), Malaysia (Kuala Lumpur), Hong Kong, China (Macao and Beijing), South Korea (Seoul), Indonesia (Jakarta), India (Mumbai and New Delhi), UAE (Dubai), France (Cannes) and in the United States with a new boutique in Bal Harbour, Florida.

The company also plans to open new stores 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.”