Italian fashion retailer OVS Spa reported solid growth in sales and profitability in the nine months from 1st February to 31st October 2025, outperforming the wider apparel market despite a challenging trading environment.
The group posted net sales of approximately US $ 1.36 billion, up 5.8% year on year from the same period in 2024. On a pro-forma basis, excluding the contribution from Goldenpoint, sales grew 2.9%, around four percentage points ahead of the overall market.
By channel, direct store sales rose 7.6% year on year to about US $ 1.10 billion, with pro-forma growth of 4.0%. Revenues from franchising and business-to-business activities declined marginally by 0.9% to around US $ 263 million, largely due to lower volumes sold to off-price marketplaces, although sales to franchise partners edged higher.
Adjusted EBITDA for the period reached roughly US $ 166 million, an increase of about US $ 19 million compared with the first nine months of 2024, supported by a positive contribution from Goldenpoint. OVS’s core brand delivered EBITDA of around US $ 134 million, up by approximately US $ 13 million. Upim’s EBITDA increased to about US $ 33 million from roughly US $ 32 million a year earlier, while Stefanel’s EBITDA rose by around US $ 2 million.
The group maintained its momentum in the third quarter, reporting net sales of approximately US $ 493 million, up 9% year on year, or 4.1% excluding Goldenpoint. Adjusted EBITDA for the quarter rose 9.4% to about US $ 55 million.
Chief executive Stefano Beraldo said the third-quarter performance was particularly notable given the exceptionally strong comparison base from the previous year, which had seen growth of 13%. He said the results reflected the effectiveness of the group’s strategic decisions, especially in womenswear, where clearly differentiated and complementary collections have delivered significantly higher sales per square metre. He added that the Piombo, Les Copains and B.Angel collections had outperformed the rest of the range, while the beauty segment continued to post double-digit growth.
Beraldo also said that, by brand, OVS delivered the strongest growth, while Upim consolidated the robust 8% increase recorded in the first nine months of 2024. Stefanel also performed strongly, with like-for-like growth of around 10% in the quarter. He added that the group’s management approach to Goldenpoint was beginning to show results, with overall sales up by about 10% year on year, driven by the performance of product categories developed by OVS’s in-house design teams.
