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09 October, 2018 -
Italian luxury leather goods brand Giafranco Lotti expects a 50% growth in exports in 2017, mainly driven by retail expansion in Asia and the Middle East.
Acquired by German investment fund Halder in 2013, the Italian luxury leather goods brand underwent a review of its strategy with the depart of its founder and former owner Giafranco Lotti, who retains a 20% stake in the company, and refocussed its objectives.
The Group, which is now targeting the expansion of international markets in Asia and the Middle East, expects a 50% growth in exports in 2017. “Our expansion strategy has not changed and it is centered around the opening of mono-brand stores to strengthen the brand image and stability,” said Leo Giovacchini, who has been CEO of Giafranco Lotti since July 2016.
In 2016, the brand also opened two retail shops in South Korea, two shops in Dubai, UAE, and one in Doha, Qatar, and announced revenues of €6 million in fiscal 2016, of which €4 million from exports, in line with the previous year.
Giafranco Lotti is said to be targeting strong growth in foreign sales in 2017, to reach €6 million. In addition to the stores in Florence and Milan, Italy, and after closure of the Paris store, new store openings include a shop-in-shop in Chongqing, China, as well as shops in Riyadh, Saudi Arabia, and Kuwait. Reportedly, negotiations are also underway for openings in Abu Dhabi, UAE, and in Japan’s capital, Tokyo.
However, production of handbags for other high-end brands still accounts for 85% of the Florentine company's revenues. “We are acting on both fronts, strengthening the production chain, but also trying to increase revenues from our own brand,” said Giovacchini.