It is raining but not cold in Chiara Ferragni’s house, where we can finally read the effects caused by the Balocco case at the end of 2023, the resulting antitrust fine and the damage to her image as a result. In fact, Ferragni has published the 2023 financial statements of one of the two companies involved in the Balocco case, the Tbs crew that she fully controls. The numbers are better than we expected: 17.7 million in turnover, almost 20% more than the 14.8 million in 2022, and profit down by 4.4 million compared to 2022 (there were 5.1 million), but then after subtracting the fine paid to the antitrust authority and allocated to donations to hospitals to compensate for the fake charity of the famous Pandoro: a total of 1.6 million euros. Without those in the Ferragni empire, profit would have grown by almost a million euros.
The Balocco case cost around €1.7 million. But that’s just a small profit.
The cost of the Balocco case was explained by the same influencer in her report as sole director of Tbs Crew, which also owns The Blonde Salad website: «It should be noted that at the end of the financial year the company was fined by the AGCM in the amount of 675,000 euros. A provision for risks and fees of 1,014,000 euros was also made, which, in addition to the aforementioned fine imposed by the AGCM, led to a decrease in the operating result of a total of 1,689,000 euros. In addition, donations of 1,150,000 euros were made to hospital facilities and entities seeking to achieve civil, solidarity and socially beneficial purposes. It should also be noted that as a result of the AGCOM decision of July 4, 2024, the closure of the proceedings initiated on January 16, 2024 was announced, and as a result of the decision, the company’s financial obligations for the years following that were closed on 31.12. 2023. The provisions relating to risks and fees already reflect these obligations.”
However, Chiara’s sales growth was not affected by the Pandora.
According to Ferrani, 2023 “confirms the positive trend of previous years, with an increase in the results of both the Talent Management division and the Marketing and Strategic Consulting division for the various fashion and lifestyle brands. Despite a 19.03% increase in production value in 2023 compared to 2022, there is a significant maintenance of gross operating profit and a slight decrease in net profit. This slight decrease is due to the extraordinary costs incurred due to the sanctions imposed by the guarantor authorities, the allocation of funds for risks and fees in large amounts on a precautionary basis, and finally to the donations made amounting to 1,150,000 euros in favor of hospital facilities and entities seeking to achieve this. for civil, solidarity and socially beneficial purposes. Without these fees, the company would have achieved a result for the year higher than that of the 2022 financial year.”
The real problems arrive in the first months of 2024, but there is hay on the farm to deal with them.
However, Chiara does not hide that the real rains were seen after the closing of that budget, and will affect the 2024 accounts: “The first months of the 2024 fiscal year,” she writes, “were marked by a sharp drop in revenues and a significant reduction in the volume of new business initiatives. The negative events that occurred in the second half of December 2023 necessarily extended their negative repercussions to 2024, which suffered a sharp decline in activity. It is still difficult to make economic forecasts for the second half of 2024, given the period of strong uncertainty regarding the resumption of activities. However, it has been assessed that, despite the economically negative period, the company appears to be financially capable of meeting its commitments that expire in the 2024 financial year. In fact, in the 2023 budget, Ferragni had already allocated a risk fund of €1,014,000 specifically to compensate for the possible loss of contracts in 2024. On the day of the Tbs staff meeting, held in Milan on July 23, Ferragni wisely chose not to collect the €4.4 million in profits from 2023, and to carry them over to 2024 to absorb the problems that were already apparent to it at that point. A choice also appreciated by the auditors, who therefore do not see the company’s continuity at risk.
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