MILAN — As it built its galaxy of brands, furnishings, lighting and contract group Dexelance posted a net loss in the first half of 2025. The owner of upscale Italian furniture and lighting brands like Gervasoni, Saba and Davide Groppi posted a net loss of 7.8 million euros, compared to a net profit of 1 million euros in the first half of 2024.
Sales, however, inched up 2.5 percent to 154.8 million euros in the six-month period ended June 30. Its net bank position was 17.1 million euros in the same period.
Growth was driven by its luxury contract segment, which was up 14.7 percent year-on-year. Its luxury contract business, composed of Cenacchi International and Modar luxury contract business, has been a main catalyst for sales for several quarters.
The firm’s earnings before interest, taxes, depreciation and amortization slipped to 10.4 million euros compared to 18.5 million euros in 2024. The firm said that the decline in profitability was partially attributable to the expected increase in overhead costs resulting from significant investments related to the hiring of new senior management, growth in marketing and commercial expenses, and expansion of the digital structure.
Dexelance is also the parent company of high-end brands Meridiani, Gamma Arredamenti International, Turri, Binova and Cubo Design kitchens, and modern lighting brands Flexalighting and Axolight.
During a conference call with analysts on Tuesday, chief executive officer Andrea Sasso said the ongoing macroeconomic situation and trade policy implemented by U.S. President Donald Trump is a major hurdle for the industry. “The outlook for residential remains controversial,” in North America, Sasso said, referring to the effect uncertainty has on furniture sector sales, which impacts its residential brands. Its luxury contract business in North America, where it has few competitors and where it books a large portion of its business, remains strong. “Luxury contract follows different logic,” he added.
Turri Living is part of Dexelance’s (formerly known as Italian Design Brands) galaxy of furniture and lighting labels.
Dexelance
General manager Giorgio Gobbi said tariffs are not expected to have an impact on the firm’s earnings and would be absorbed by the consumer and dealers and offset by the performance of its contract business worldwide. Earlier this year, the company introduced a “custom tariffs” declaration on its invoices, which detail the monetary impact of duties, guaranteeing transparency.
Looking ahead, the recent purchase of a majority stake in Mohd, an Italy-based retailer and distributor of high-end design with a strong online presence, is expected to boost sales in the near to medium-term.
In July, Dexelance, the first Italian design firm to list its shares on the Milan Stock Exchange back in 2023, agreed to buy a 65 percent stake in Mohd.
Mohd currently has about 100 employees, including a team of architects specialized in the design of environments and interiors, residences, offices, hotels and showrooms. The firm was founded in 1930 as a carpentry business and evolved in modern times into a physical and omnichannel hub for design. It sells design pieces from 500 top brands through its six showrooms, online boutique and its dedicated project design service. It also manages residential and contract projects worldwide.
In its fiscal year 2024, Mohd reported revenue of about 70 million euros, Dexelance said.
“We have a potential to grow our sales alongside this company and use Mohd as a platform to seize the opportunities in the most important residential projects around the world. It has the highest potential for growth both in terms of sales and profitability,” said Gobbi.
Earlier this year, the Milan-based group also acquired a majority stake in Roda Group, which owns luxury outdoor furniture-maker Roda and is a leader in the sector.
