Garmont International, the Italian outdoor and technical footwear brand, told our sister publication SGI Europe that after consistent strong growth in recent years due to the Covid 19 pandemic, it reported an unconsolidated sales decline of more than 15 percent to €14 million in 2020, but still posted a profit. Garmont has operations in 40 countries, including the U.S., where sales remained stable at $11 million following a restructuring of the business. The U.S. subsidiary is wholly owned by Garmont and managed directly from Italy in real-time by Davide Calcagnotto, a supply chain manager for the company who implemented a new ERP system.
Following the previously published announcement that Italian Strategy Private Equity had acquired a 65 percent stake in the company’s share capital, and noting that potential investors had expressed interest in taking control of Garmont, Pierangelo Bressan stressed in the interview with SGI Europe that despite Covid-19, the company is doing well and has sufficient liquidity to continue growing internationally. It plans to double its business in the next four to five years and is open to acquisitions in the apparel sector and other opportunities following the entry of its new majority shareholder. The company is expected to return to growth in 2021, as its order backlog is higher now than at the end of 2019. Bressan continues to hold 30 percent of the company and will remain president and CEO.