PERTH: Costarella Design, the company behind luxury fashion label Aurelio Costarella, has claimed its results for the financial year ended June 30 suggest a growth spurt. During the year it increased its share capital and reserves by around $626,000, which included successfully completing placement and options issues. A results statement from the company confirmed the funds raised provided the working capital required for continued focus on brand building in the Australian and global markets.
Total revenue for the year was $746,000, down from $838,000 in the previous year, with the statement emphasizing that the loss for the period reflected the costs of increased activity associated with international brand development and marketing, with around $530,000 spent in this area. Staff increases and overhead costs also occurred during the period.
At June 30 the company had cash reserves of $111,000 and since the financial year end, it had procured a convertible loan of $400,000, pointing to plans for global and local expansion, the statement confirmed. These include broadening the company's focus, with the launch of a second "broad market" fashion label and a range of skin and body products.