Italian fashion house Missoni is set to double its e-commerce sales in two years as the luxury label adapts to new market realities following the onset of Covid-19, according to its chief executive.
Online sales currently account for 20 per cent of total sales at the heralded Italian label compared with 8 per cent a year ago, Livio Proli told The National in an interview.
“We were confident of growth in our e-commerce channels, but no one was prepared for the boom in online sales last year,” he said.
The global personal luxury goods market could shrug off the hit from the coronavirus crisis as early as this year as Chinese and US shoppers help sales recover to pre-pandemic levels, consultancy Bain & Company said in a May report. The market could reach between €280 billion ($324.46bn) to €295bn this year.
Missoni’s sales in the US have doubled in the first three quarters of 2021 compared with the previous year because “there is strong awareness for our brand”, Mr Proli said.
Missoni, which is well-known for its brightly coloured, zigzag patterns, was founded by Ottavio and Rosita Missoni in 1953 in the small northern Italian town of Gallarate. The Missoni family maintains majority control of the company, after selling a 41.2 per cent stake to the state-backed Italian investment fund FSI in 2018.
“The main goal for Missoni is to go to China and the Asia-Pacific. We plan to focus our investment on opening stores in China and reinforce our distribution in Korea and Japan. Our main focus for the next five years will be the Middle East and Asia-Pacific, with a special emphasis on China,” Mr Proli said. Find more.