Half revolution in the Cipriani house, the luxury restaurant group led by Arrigo Cipriani and his son Giuseppe. A few weeks ago, in fact, Marco Avogaro, Venetian, born in 1981, Arrigo’s nephewhas left his position as CEO of Cipriani Industria (CI), the important Italian company (controlled by the Luxembourg-based Cipriani Ita Holding) that produces and sells online and offline a whole series of products under the “Cipriani” brand, from egg pasta to preserves, to sweets and the famous “Bellini”.
Avogaro had been in office since 2021 and now the CI board, chaired by Arrigo, sees the presence of his son and records the entry of the fourth generation of the family, Ignazio and Maggio Cipriani, sons of Giuseppe and his first wife Eleonora Gardini (daughter of the late Raul).
Why the exit of Avogaro? Some reason emerges from reading CI’s 2023 financial statements, which closed with revenues decreasing year-on-year from 7.7 to 6.7 million and with a mini loss of 27 thousand euros compared to the more significant one of 791 thousand euros in 2022. “In the 2023 financial year – explains the explanatory note – a restructuring aimed at containing costs was carried out (-2.1 million compared to 2022) given the market uncertainties while the subsidiary Cipriani Trade was replaced by Atalanta Corp. as the new importer for the USA”.
“The company had closed 202 with a heavy loss – it continues – due to endogenous factors, including some non-recurring service costs (the completion of the renovation of the Losson della Battaglia operational headquarters and the high cost of personnel) and exogenous factors including the strong increase (+96%) in utility costs”. With the restructuring, the staff went from 44 employees at the end of 2022 to 30 people. CI has 1.2 million in debt to Crédit Agricole, Sace-Simest, Banca Progetto and Banca AideXa.
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