A company that employs about 120 people and generates revenue of barely two and a half million euros a year simply cannot operate differently than with a high loss, no matter how modest the employees’ salaries are. In short, this describes one of the few remaining Croatian textile industries, Sisak’s Zlatna igla – Siscija, whose sole owner Milan Stojanović, known in the industry as a long-time agile fighter for the rescue and survival of the textile industry in the country, has finally raised his hands and sold the company. Zlatna igla – Siscija was recently taken over by broker and financial advisor Denis Fudurić along with two partners, Mladen Mikolčević and Darko Karanović. Just last spring, a few months before the takeover was formalized, Fudurić replaced the then-director Jasminka Stojanović with Silvio Galić, a manager with whom he had already collaborated on several of his investment ventures.
Milan Stojanović Raised His Hands and Sold Zlatna igla – Siscija to Denis Fudurić and Two Others
It is hard to expect that the new owners will manage to do anything significant in the textile industry from a company that has kept its head above water primarily thanks to subcontracting work for foreign clients, which it has mostly lost since the pandemic. The share of revenue generated from exports before the pandemic was about 75%, and in the past year it fell to less than 10%. At the same time, this affected the financial results of the business, leading to a loss of nearly 800 thousand euros last year.
However, there is potential for maintaining textile production. It is based on the existence of relatively well-known and solid own brands (Siscia, Brijuni, and Much Gold), as well as a supplementary range of products such as shirts, t-shirts, bags, ties, and similar items. But above all, the company’s operations are burdened not only by too many employees but also by illiquidity, which arises from the fact that it must pay for raw materials and supplies in advance.
