Stonefly push into east Europe

Stonefly, the Italian shoemakers, are continuing their aggressive international expansion as they move into Russia and Belarus. Casella d'Asolo-based Stonefly, who are 50% owned by Lotto Sport boss Andrea Tomat, have signed a three-year licensing agreement with Russian distributors DBS for the distribution of Stonefly shoes in the two countries. The company were due to open their first Stonefly flagship store in the region in Moscow at the end of December as well as concessions and in-store shops in department stores in Russia and Belarus. Over the next three years, Stonefly plan to sell 200,000 pairs of shoes and generate sales of €7.6 million in eastern Europe. The company operates in Europe, Asia, north America and New Zealand, and expect turnover for the current financial year to increase by 14% to €88 million.