Despite 2015 downturn, Stefano Ricci pursues expansion
Italian luxury menswear brand Stefano Ricci has archived 2015 with a 6% sales downturn compared to 2014, with a gross operating income equivalent to 25% of its revenue, which totalled €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 company 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 program is continuing, after the opening of stores in Via del Gesù, Milan, Düsseldorf, Las Vegas, Prague and a second store in Florence. Further openings are planned for Vancouver and in London’s Mount Street.