Missoni remains in the family and with plans for growth. This has been confirmed by the company’s executive director, after months of speculation about the future of the company and information indicating that Rothschild had been chosen to explore a possible sale. “I am working on a three-year plan, agreed with shareholders in December,” stressed the executive, who joined Missoni in May 2020.
Proli expressed his confidence in the “still enormous potential of the brand.” taking advantage of the work done so far”, which will generate greater growth after difficult years, as he announced in an interview published in WWD.
Missoni closed 2023 with a 10% increase in sales, which amounted to 126 million euros. Revenue has doubled compared to 2019, Proli explained. “For the first time in years, Missoni became profitable again, with positive ebitda, which has improved compared to last year, and this growth trend is expected to continue in 2024,” she added.
In addition, the chief executive of Missoni announced that sales from the beginning of the year until April increased by 2.5%.
Missoni will invest in its men’s fashion line and in the development of the US market
The Missoni family is the majority shareholder with a 58.8% stake and the FSI investment fund has the remaining 41.2%, acquired in 2018. A first sign that the fund had no intention of divesting from the company was the acquisition in March of Tricotex, a high-end textile manufacturerto ensure the continuity of Missoni’s supply chain by acquiring one of its oldest suppliers.
Another significant step is Missoni’s commitment to Missoni men’s fashion. The brand will be present at Pitti Uomo later this month and will focus its attention on the category, “which had not been a priority lately, because we needed to focus and develop our womenswear and our lifestyle concept, including our collection for the home,” the executive indicated.
The development of the US market is another key objective for 2024 and 2025, according to Proli. “There is very strong brand awareness in the US, which represents 40% of our online sales,” he added. Additionally, the company will open a warehouse in New York dedicated to purchasing and logistics.
A franchise store opened in Las Vegas in December, which is added to those existing in New York, California and Miami. On the other hand, a new general director of the American subsidiary will be appointed in September to succeed Giacomo Missoni.
