Stefano Ricci, the renowned Italian luxury menswear brand, is expecting a surge in growth over the next two years. Despite facing challenges brought on by the Covid-19 pandemic and the conflict in Ukraine, the Florentine house is projecting a revenue of €150 million for 2022, representing a 20% increase from the previous year. This would bring the brand back to its pre-pandemic level of 2019.

The crises have had a significant impact on Stefano Ricci’s key markets, such as China and Russia. However, the brand has successfully countered this by capitalizing on the periods of lockdown to streamline its operations and expand its market presence in the United States and Europe. This strategic move has put the brand in a position of strength.

To commemorate its 50th anniversary, Stefano Ricci invested approximately €4 million in Egypt, hosting a lavish event in the valley of the Luxor temples. The brand surprised its VIP clients by organizing an unforgettable weekend in ancient Egypt, welcoming 400 guests. The operation involved over 700 individuals, including 200 from Italy. This grand celebration has solidified Stefano Ricci’s reputation as a brand that goes above and beyond to create unique experiences for its customers.

Stefano Ricci’s journey began in 1972 when designer Stefano Ricci established his tie-making business. Over time, the brand expanded its offerings to include shirts, small leather goods, formal wear, sportswear, knitwear, shoes, cufflinks, a junior line, perfumes, and collections for the home. The label now presents a comprehensive range of products, including crocodile bags, jewelry, and gold and jeweled belt buckles.

With a team of 350 employees, Stefano Ricci currently operates 70 boutiques worldwide, with plans to increase this number to 80 by 2023. The brand’s success is deeply rooted in its commitment to quality and Italian craftsmanship. Stefano Ricci collaborates with the historic silk company Antico Setificio Fiorentino for its silk fabrics. This dedication to excellence extends to customer service, allowing the brand to stand out in the highly competitive luxury menswear market.

Niccolo Ricci, CEO of Stefano Ricci, acknowledges the challenges posed by competition and the changing market landscape. However, he believes that the brand’s focus on quality and targeting the wealthiest customers has proven advantageous. Niccolo anticipates exponential growth in the next two years, particularly as global market conditions improve.

Despite ongoing restrictions in China, Stefano Ricci remains committed to investing in the country. The brand recently opened a store in Sanya and has plans to open more locations in Taiyuan and the SKP shopping center in Beijing. Stefano Ricci is also expanding its presence in other parts of Asia, with the upcoming opening of a shop-in-shop in Bishkek, Kyrgyzstan, and a boutique in Ashgabat, Turkmenistan.

Currently, Stefano Ricci’s primary focus is on the United States and Europe, which account for 27% and 25% of the brand’s total turnover, respectively. The company is set to relocate its New York shop from Park Avenue to a larger location on 57th Street by the end of October.

Stefano Ricci’s commitment to its VIP customers remains steadfast. The brand aims to double the number of members in its exclusive “SR Club,” which currently includes around 400 individuals who spend an average of €50,000 to €2 million annually on Stefano Ricci products. These high-spending customers were among those invited to the luxurious celebration in Luxor, underscoring the brand’s dedication to offering exceptional experiences.

Overall, Stefano Ricci’s optimistic outlook and strategic investments position the brand for continued success in the luxury menswear market. With its unwavering commitment to quality and customer satisfaction, Stefano Ricci is poised to achieve its anticipated exponential growth in the coming years.

Useful links:
Stefano Ricci Official Website
Article on Stefano Ricci’s Growth Targets