Revenues rise 11.2% at constant exchange rates, driven by solid organic growth balanced across all the regions where the Company operates. Significant improvement in all profitability indicators. Network expansion program continues with 48 new stores and shop-in-shops

• Consolidated REVENUES were Euro 254.5 million, up 11.2% at constant exchange rates and 10.0% at current exchange rates compared to the first quarter of 2015
• EBITDA amounted to Euro 34.0 million, or 13.4% of revenues (13.1% in the first quarter of 2015), an increase of 12.1% compared to the same period of the prior year
• NET PROFIT amounted to Euro 8.6 million, an increase of 142.8% compared to the first quarter of 2015. Net of the non-recurring expenses incurred last year, the increase was 39.4%
• NET FINANCIAL DEBT was Euro 213.1 million, a significant improvement over Euro 260.9 million reported at March 31st, 2015 and slightly higher – due to seasonality – compared to the Euro 204.9 million posted at December 31st, 2015
• FREE CASH FLOW generation was essentially neutral, in line with period seasonality