Luxury pushed ICF – Industrie Chimiche Forestali towards record revenue. From about a 60 million euro revenue in 2020, the group headquartered in Marcallo con Casone (Milan), which also controls ABC, Durabond and Morel, surpassed pre-pandemic levels and closed 2021 with 76 million euro. For 2022, the forecast says 88 million. The costs’ increase eroded the margins of the company specialized in the design, production and sale of adhesives and high-tech textiles. “We must be flexible and innovative within a foggy context”, states CEO Guido Cami.
ICF’s revenue during the first 9 months of 2022 reached 65.7 million euro, +19% compared to 2021 thanks to increased price tags and sales’ volumes. Packaging and fashion performed well, while automotive contracted. Increased energy prices weighed an additional 1 million euro on the company’s energy bills. Meanwhile, materials also went up. Marginality was 7.3% against 7.8% of 2021.
The magic of leather goods
“Luxury leather goods is magically taking off. But high-end shoes also had solid performances, and the same can be said for the technical segment, which saw the Montebelluna area attract manufacturing entities that were previously abroad”, explains Cami. As far as margins go, ICF’s CEO highlights the amortization efforts made by the group. “Multinationals increase prices from one day to another, while we can’t increase prices for our clients, given they have seasonal pricing agreements”.
As far as forecasts go, Cami remains optimistic even during a foggy period. “There is little we can do about geopolitical matters. What we can do is remain flexible and maintain our capacity to adapt quickly. And we can continue offering the market innovative products”. On the innovation front, Cami highlighted the recent completion of a photovoltaic system capable of covering 33% of the energy needs of the manufacturing processes of the company.