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Article: Art & Fragrance cuts its debt levels.(FINANCIAL NEWS)
- Article from:
- Cosmetics International
- Article date:
- October 9, 2009
CopyrightCOPYRIGHT 2009 Communications International Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Swiss luxury house Art & Fragrance says it made significant inroads into its debt in the first half of 2009.
The owner of Lalique Parfums cut its group debt from SF6.2m to SF1m, even including the SF2m costs related to the restructuring of Lalique under the recent joint venture with Financiere Saint-Germain.
The company says its core activities recorded satisfactory results. The fragrance business recorded a 49% increase in EBIT to SF2m, despite a 4% fall in sales.
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