Italian fashion house Missoni wants to double online sales in two years

Italian fashion house Missoni is expected to double its e-commerce sales in two years as the luxury brand adapts to new market realities following the appearance of Covid-19, according to its chief executive.

Online sales currently represent 20% of the famous Italian brand’s total sales, up from 8% a year ago, Livio Proli said. The National in an interview.

“We were confident in the growth of our e-commerce channels, but no one was prepared for the boom in online sales last year,” he said.

The global personal luxury goods market could ignore the blow of the coronavirus crisis as early as this year, as Chinese and US buyers help sales return to pre-pandemic levels, consultancy firm Bain & Company said. in a May report. The market could reach between 280 billion euros (324.46 billion euros) and 295 billion euros this year.

Missoni’s sales in the United States have doubled in the first three quarters of 2021 compared to the previous year because “there is a strong brand awareness for our brand,” Mr. Proli said.

Missoni, well known for its brightly colored zigzag patterns, was founded by Ottavio and Rosita Missoni in 1953 in the small town of Gallarate, in northern Italy. The Missoni family retains majority control of the company, having sold a 41.2% stake to Italian investment fund FSI in 2018.

“Missoni’s main goal is to go to China and Asia-Pacific. We plan to focus our investments on opening stores in China and strengthening our distribution in Korea and Japan. Our main focus for the next five years will be the Middle East and Asia-Pacific, with a special focus on China, ”Mr. Proli said.

Missoni, well known for its brightly colored zigzag patterns, was founded by Ottavio and Rosita Missoni in 1953 in the small town of Gallarate, in northern Italy. The Missoni family retains majority control of the company, having sold a 41.2% stake to Italian investment fund FSI in 2018.

Mr. Proli, who was hired in May 2020 after a long tenure at Giorgio Armani, said Missoni’s motto is “to be a luxury and contemporary brand as well as to achieve appropriate growth respecting our DNA and a history. richly inspiring, ”he said.

The brand will press the refresh button while respecting its DNA and iconic heritage. Consumers appreciate this change, Mr. Proli said.

We strive to create a new culture within our team with younger people and a different mindset

Livio Proli, Managing Director, Missoni

The brand’s artistic director, Angela Missoni, daughter of the founders, resigned her post after 24 years in the fashion house in May this year.

“We have delivered a five-year plan, approved by shareholders, which envisions improving the business through the development of the Missoni lifestyle, a combination of all Missoni collections and product categories,” said the managing director.

As part of this shift, Missoni recently stepped up recruiting for its digital department to meet demand from consumers, primarily millennials.

“We strive to create a new culture within our team with younger people and a different mindset. Going forward, the business will be a mix of youthful energy and seniority of former employees, ”said Mr. Proli.

Missoni, under Mr. Proli’s care, is also expanding into other business areas such as real estate to fuel growth. It recently partnered with Dar Al Arkan, a developer in Saudi Arabia, to launch a Dh 800 million residential tower in Dubai.

The Urban Oasis Tower, located along the Dubai Water Canal, will be Missoni’s second co-branded residence project in the world after a tower in Miami, Florida, United States. It consists of 38 floors of upscale one, two and three bedroom apartments and four bedroom penthouses with luxurious interiors by MissoniHome, led by co-founder Rosita Missoni.

“We are not co-investing in the Dubai Tower. After designing the Missoni Baia in Miami, Florida for the second time, Missoni is exporting its distinct living concept to Dubai, ”Mr. Proli said.

“Missoni is involved in the design concept of the tower, including the style, fittings and decor. We also have a range of home furnishings and accessories as we believe these items will be very appealing to buyers and investors.

Construction on the tower is currently underway and will be completed before the end of 2023. It has reached construction level 15, Missoni said.

The project also marks Missoni’s first co-branded real estate project in the Middle East as well as Dar Al Arkan’s regional expansion with its first project in the United Arab Emirates.

“To launch our second real estate development, we had to be sure we had the right partnership and the right approach to the project,” said Mr. Proli.

Missoni is currently focused on delivering the Urban Oasis tower to the highest standards.

“Of course, if there were other opportunities for co-branded projects, we would consider them. Everything would depend on the nature of the project and the standards should correspond to those of Missoni, ”added the general manager.

When asked about why the Italian luxury brand decided to launch its first branded Middle East residency project in Dubai, Mr Proli said: “It looks a lot like Miami in terms of the vibe and the lifestyle, which made it a natural choice for us to expand our concept of home and life.

Update: October 14, 2021, 6:53 am


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David A. Albanese