s-peek's magnifier: naturally leavened sales

The traditional Italian Christmas pastry, panettone, is increasingly popular and in 2017 exports grew 6%.

We have checked with s-peek the financial situation of three Italian bakery known for their handmade panettone: here is how they fare.

Pasticceria Giotto dal Carcere di Padova

Pasticceria Giotto was founded in 2005 in the penitentiary of Padua as a training laboratory for inmates. In about ten years of activity, the bakery has achieved two great results: reduce the rate of recidivism of prisoners to 2%, and churn out the most "wanted" panettone in the world.

Juridically, Pasticceria Giotto is a social cooperative. In 2017 the company has shown a good recovery capacity, increasing sales and turnover, which now amounts to 14.4 million euros. The most positive result is given by the increase in profits: while in the previous year the company recorded losses for 254 thousand euros, in 2017 it managed to generate profits for 62 thousand euros, improving its rating class from B to BB.


Fiasconaro is a Sicilian pastry shop founded in 1953 by Mario Fiasconaro and still based in Castelbuono (PA). Originally an ice cream shop - back in the time when ice cream was made with snow – the founder’s sons extended the production also to panettoni and colombe. This year Fiasconaro, in partnership with Dolce&Gabbana, presented two types of Sicilian-flavoured panettone, packaged in a tin box designed by the two famous stylists.

In the last years Fiasconaro has constantly grown, reaching 71 employees. The turnover amounts to 16.1 million euros and the well-balanced financial situation ensures the company a MORE Credit Rating of A. The total assets of 14 million euros and 6 million of shareholders’ funds highlight a proper distribution of internal and external funding sourses, gaining the company a solvency score of AA.

Pasticceria Vignola di Solofra

Let’s conclude with the bakery Vignola, which was recently awarded for its panettone. The bakery was founded in 1970 in Solofra, close to Avellino, and is led by Raffaele Vignola.

The Pastcceria Vignola is a small company, with a turnover of 270 thousand euros and 8 employees. Notably, the company has no financial debts, neither short-terms nor long-terms ones, which has allowed the company to achieve the top class in the solvency score, AAA. Compared to previous years, the company shows a slight drop in sales in 2017, but the recent award can boost the company in 2018.

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