CSP International

An industrial group in Ceresara (Mantua) which is a leader in the manufacture of socks, stockings, tights, and underwear for both men and women. It was established in 1983 as a small local business producing tights. After the creation of the historic brand Sanpellegrino, strongly identified with that product, and the creation of an underwear line (in 2000), CSP created Oroblu (1997), a brand aimed at a higher market segment and specialized in tights, corsetry, and seamless underwear. In 1999, the firm acquired the prestigious and historic French hosiery brand Le Bourget (established in 1927), which ranked third in Europe in terms of production. In 2000, the firm acquired Lepel, another big brand, thanks to which it made its début in the market for underwear and corsetry. Over the years, the company has distinguished itself for the great attention it pays to production technology, its extensive distribution, and a product line that has items for different market segments. At present, with plants also in France and Poland, it has 1,500 employees and a presence in 50 countries. The company produces 100 million pairs of tights each year, and 10 million articles of underwear, for a turnover of more than €160 million. It is the only Italian company in its field that is quoted on the stock exchange.
The year 2002 ended with a loss double that of the previous year (882 million liras compared to 426 million liras in 2001) and sharply diminishing net revenue. This was influenced by investments in communication to sustain the stockings sector. The group therefore had net consolidated revenues of €19.6 million, a reduction of 2.3%. The operating margin went from €8.3 million in 2001 to €5.5 million. The recession in the market for tights (both in Italy and abroad) was offset by a favorable trend in underwear and corsetry thanks to the Sanpellegrino and Oroblu brands, which made up 29.2% of the total turnover.
The first quarter saw a reduction in net revenue of €40.8 million, down 11.8% compared to the same period in 2002. The decline doesn’t involve Italy, but France and Russia instead. Consolidated net revenues amount to €40.8 million. Sales of seamless underwear and corsetry remain strong, with an increase in turnover from 27.8% to 35.1%, although it doesn’t compensate for the 20.5% decline in sales of socks and stockings compared to the first quarter of 2002.