[France] Arc Sees 20% Turnover Drop

Arc International reported a 20% fall in gross turnover for the 2008 financial year in comparison to 2007. A statement by the company attributes the drop from 1.4BN Euros in 2007 to 1.1BN to the sale of two of its brands, Mikasa and Salviati. It is also thought to be a reflection of the global recession, from which the group began to suffer in the second half of 2008 after experiencing a successful first semester. However, the company managed to reduce its debt in 2008, with a net debt to EBITDA ratio of 0.95, down from 2.5 in 2007. Meanwhile, the company has reported experiencing a "demanding" first quarter of 2009, while confirming that it is in the process of implementing plans to adapt to the current economic crisis.