Stefano Ricci continues to expand
The golden period of double-digit growth is no more than a memory for Stefano Ricci, as it is for many other brands.
The Tuscan extra high-end menswear label has entered a deceleration phase. The label is in fact expecting to close 2015 with a 6% sales downturn compared to 2014, with a gross operating income equivalent to 25% of its revenue, which ought to reach €146 million.
The decrease is notably due to a 2.6% sales downturn in the countries of the former Soviet Union (sales fell much more in Russia), and an 8% decline in China. This was only partly compensated by a 13% rise in revenue in the USA, and a 7% one in the UK.
Despite the uncertain geopolitical situation and the ongoing economic crisis, the label still generates 87% of its sales internationally and is going ahead with an expansion and investment plan. Consequently, it has pledged more than €3 million in the extension of its manufacturing site in Fiesole, near Florence, whose area has grown from 6,000 to 9,000 m².
"Stefano Ricci products are 100% made in Italy, and about half of them are made in Florence," stated the brand, created in the Tuscan city in 1972.
Also, the brand's expansion programme is continuing, after the opening of stores in Via del Gesù, Milan, and Düsseldorf, followed by the recent ones in Las Vegas and Prague, as well as by that of a second Florence store, inside the Four Seasons Hotel.
The fashion label announced that further openings are planned for Vancouver and in London's Mount Street.
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