Alessandro Locatelli, General Manager Ittierre
07 Nov. 2011
ITTIERE WITH BREAK-EVEN RESULTS AND NEW LICENSINGSIttierre, that had been acquired by Antonio Bianchi company's Albisetti in January of this year, has announced that it will close 2011 with a break-even balance. Thanks to its business plans and the newly acquired licensing agreements in 2011, the Italian company specialized in manufacturing and distributing haute-de-gamme pret-à-porter, young collections and jeanswear brands, expects to close the year with a turnover of €150 million.
"We see a very positive situation," explains Alessandro Locatelli, General Manager, Ittierre, who has worked for various international fashion companies in managing positions such as for D&G between 1999 and 2009. “We had already seen a wide recovery from the first three months of the year onwards and reached a break-even result already before we had planned." According to the company, further developments expected include to reach a turnover of over €200 million by the end of 2012.
Most of the company's revenues come from export (66%) operating from different own subsidiaries based in Paris, Hong Kong and New York (fully operating starting in about ten days from now). Ittierre's major market quota is still represented by the Italian market (34%) acting from sales offices in Milan and Rome. Second major important market is China (18%).
Today, Ittierre has also announced its newly signed licensing agreement with prêt-à-porter label Aquascutum London. The partnership with the 160-year-old iconic British brand will last five years starting from f/w 2012/13. It will focus on the production and distribution of the men and women’s prêt-à-porter and accessory collections in Continental Europe, Russia and Middle East.
"This agreement describes the new development strategy of Ittierre very well and confirms the intention to aim at absolute quality projects. We want to face the market as specialists in production and distribution of prêt-a-porter collections while continuing Ittierre's traditional expertise in the bridge and accessory segments," says Locatelli. This one is the fourth new licensing agreement signed in 2011 by Ittierre. Also newly-acquired collections in 2011 were Karl Lagerfeld Paris (see our news), Pierre Balmain, younger spin-off of French Balmain brand, and Fiorucci (see our reports). Also part of the company's portfolio are the brands Galliano, Ermanno-Ermanno Scervino, GF Ferré, the company’s own jeanswear brand Acht, C'N'C Costume National and the CNI distribution agreement of the designer collection Costume National started in June 2011.
Ittierrre's wholesale network is spread in 100 countries worldwide through over 5,000 multibrand stores. Its retail network includes 30 stores - partly self-operatedown and partly managed through franchise partners - operating especially in China and Eastern Europe and dedicated to single brands such as Pierre Balmain, Galliano, C'N,C' Costume National and GF Ferré. A new concept of 50 Hit Gallery stores will be implemented through a multibrand concept mix of brands according to location and specific market requests.
Like in the past, the company continues to operate in most different segments offering made-in-Italy collections produced by Ittierre and Italy-based manufacturing plants. The company employs 600 people (they were 480 when Albisetti group bought Ittierre) and works in collaboration with 150 local production facilities involving a total of 3,000 people.
A specific division of the company is focused on R&D for denim and casualwear cotton products (which make up in total for 30% of its sales). “Our inside 'Officina del Denim' division employs six people concentrated on studying, testing and designing different fits, cuts, models, detailing as well as new washes, finishing and different high-quality denim fabric that is used for our customers interested in creating their own special jeanswear and casualwear collection," adds Locatelli.
Maria Cristina Pavarini
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