On a pro-forma basis, excluding Goldenpoint—an Italian hosiery, lingerie and beachwear retailer acquired by OVS—growth stood at 4.1 per cent, a strong outcome given the demanding comparison with Q3 2024, which had recorded a 12.8 per cent increase, translating into cumulative growth of 17.5 per cent over two years. Adjusted EBITDA for the quarter increased 9.4 per cent to €50.6 million.
Italian apparel group OVS SpA has posted a strong Q3 2025 performance, with net sales rising 9 per cent year on year to €452 million (~$528.84 million) and adjusted EBITDA up 9.4 per cent.
For 9M 2025, sales increased 5.8 per cent YoY to €1.245 billion (~$1.46 billion), while adjusted EBITDA grew 12.6 per cent, supported by strong womenswear, brand momentum and margin resilience.
International expansion gained traction with the opening of the first OVS store in India during the quarter. Winter collections were very well received and the group continued to outperform the market. Strategic focus on womenswear delivered strong results, with PIOMBO, Les Copains and B.Angel achieving sales per square metre well above the group average, OVS said in a press release.
“The winter collections were very well received by customers. Growth in the third quarter was particularly significant given the challenging comparison base with the same period of the previous year, which had recorded an exceptional 13 per cent. Once again, the group is outperforming the market. This trend reflects the effectiveness of the strategic choices undertaken, particularly in the womenswear segment with an offering structured around collections characterized by distinct and complementary identities,” said Stefano Beraldo, CEO of OVS.
For the first nine months (9M) of 2025, net sales of the group reached €1.245 billion (~$1.46 billion), up 5.8 per cent YoY, while pro-forma growth stood at 2.9 per cent, outperforming the broader market by more than 4 percentage points. Adjusted EBITDA rose 12.6 per cent to €152.3 million, and adjusted profit before tax increased 21.5 per cent to €87.8 million, largely driven by margin strength.
Channel-wise, direct store sales in 9M period rose 7.6 per cent to €1.004 billion, equivalent to pro-forma growth of 4 per cent. Franchise and B2B revenues totalled €241 million, down 0.9 per cent, reflecting lower sales to off-price marketplaces, partly offset by modest growth from franchise partners.
“Regarding performance by brand, the highest growth was achieved by OVS, while Upim consolidated the exceptional 8 per cent of the first nine months of 2024. Stefanel’s performance was very satisfactory, with like-for-like growth of around 1 per cent in the quarter. Finally, our management intervention in Goldenpoint is starting to yield its first results: total sales mark a growth of approximately 10 per cent compared to the comparable period, driven by the success of the product categories developed by our design teams,” added Beraldo.
The profitability remained resilient despite cost pressures. EBITDA growth was supported by a solid gross margin, offsetting higher personnel costs linked to the renewal of the national collective labour agreement. Over the last twelve months, EBITDA reached €212.3 million.
Adjusted net financial debt stood at €297.8 million, with leverage improving to 1.27x compared with a year earlier, despite the initial investment in Goldenpoint and €42.3 million distributed through dividends and share buybacks. OVS held 11.21 million treasury shares, representing 4.39 per cent of share capital, added the release.
Fibre2Fashion News Desk (SG)
