Bottega Veneta reinforces presence in Europe opening in Milan its largest store worldwide
Bottega Veneta plans to invest as much in new shops in Western Europe as in emerging countries in the coming years even though sales are growing quicker in new markets, CEO Marco Bizzari told Reuters. Bottega Veneta, is PPR’s second-largest luxury brand behind Gucci in terms of sales and its most profitable.
The retailer opened 26 shops in 2012 and runs 196 boutiques worldwide. It plans to increase the size of its retail network by 10-15% annually, Chief Executive Marco Bizzarri said, adding “I am convinced that consumers from emerging markets will buy there (in emerging markets) if they see that the brand is well positioned in Europe,”.
PPR published annual results on Friday that showed Bottega Veneta’s recurring operating profit rose 47% on comparable revenue 30.4% higher at 945mn euros, giving the brand a margin of 31.8%.
Bottega Veneta is opening this summer in Milan its largest store worldwide, covering a surface of 1.000 sqm and it has plans for similarly sized stores in fashion capitals around the world. At the end of last year, the leather goods maker had 76 shops in emerging markets, many in the Asia-Pacific region, 39 in Western Europe and 26 in North America.