Italian department store group Rinascente is setting ambitious revenue targets as it strengthens its ties with the city of Florence. The company recently hosted a special event to showcase the transformed Piazza della Repubblica store, as it aims to achieve €1 billion in revenue within the next two years. CEO Pierluigi Cocchini explained that the store underwent a major renovation from 2018 to 2021, resulting in a distinctive Florentine atmosphere. The renovation included the restoration of every floor, the expansion of retail areas, and an increased focus on artisanal brands. A partnership with Toscanino has revitalized the food section of the store, offering customers a taste of local products. This renovation is designed not only to appeal to domestic customers but also to attract international tourists.

Further strengthening its connection with the fashion industry, Rinascente will showcase an emerging designer’s work in its shop windows for two weeks. The designer will be selected from a competition organized at the Pitti Uomo menswear show, in collaboration with Incotex, Domus Academy, Naba, and Istituto Marangoni.

Rinascente Florence, with its 4,000 square meters of retail space, is the company’s seventh largest store but ranks fourth in terms of revenue, trailing behind Milan Duomo and the group’s two Rome branches. However, since the renovation, Rinascente Florence has been performing well, comparable to the Turin and Rome Fiume branches.

In addition to its physical stores, Rinascente is also experiencing growth in e-commerce. The company’s CEO projects that online sales will reach €100 million within three years. Rinascente attributes this success to its omni-channel strategy, which leverages the e-shop as a complementary gateway to its physical stores.

Rinascente, which was acquired by Thai corporation Central Group in 2011, achieved a revenue of approximately €800 million in fiscal 2022, nearing pre-pandemic levels despite the challenges posed by Covid-19. Cocchini is confident that Rinascente will surpass its pre-pandemic results this year and is optimistic about reaching the milestone of €1 billion in revenue within the next 18 months.

Useful links:
Rinascente Official Website
Pitti Uomo Official Website