Gino Rossi, the clothes and shoe producer and distributor from Slupsk whose brands include Gino Rossi, Geox, Vanita and Simple plans acquisitions.
‘In September, we are meeting with representatives of several Polish and foreign shoe and clothes companies”, Maciej Fedorowicz, Gino Rossi CEO said.
The majority of the Polish firms are not listed with one exception.
“I’ve met Mr. Wojas, the head of Wojas shoe producer. We had preliminary talks concerning consolidation. We are meeting again. We need to check whether cooperation would be sensible”, Maciej Fedorowicz stressed.
Gino Rossi may issue bonds or shares directed to chosen investors in order to finance planned acquisitions.
Besides, Gino Rossi is moving production to India. Today, half of its shoes are being produced in Poland, the other half in Italy. In two years, only 40 percent of shoes will be produced in these two countries. This will let the company cut production costs by 40 percent.
In the January-July period, the group had PLN 105.6m (EUR 31.9m) of sales which should grow to PLN 200m this year. Analysts expect its net income will amount to PLN 15m. The stock dropped 2.5 percent and cost PLN 5.85 yesterday.
(PLN 1 = EUR 0.302)