Italian luxury group, Furla, has announced the buyback of the Australian distribution network from its distributor, Luxury Retail Group, after “significant sales growth” had given the brand faith in the Aussie market.
Furla has acquired 100 per cent of the distribution network, in a move to strengthen its presence in Australia and New Zealand.
This year, Furla plans to open five more stores in Australia and New Zealand, beside enlarging the existing Westfield Sydney boutique: by the end of 2017, the network will be made up of 20 Furla stores.
The luxury label opened its first boutique in Westfield Sydney in December 2013 and now has 15 stores in Melbourne, Sydney, Brisbane and the Gold Coast.
“The Australian market is very important for Furla and crucial in our expansion plan,” said Alberto Camerlengo, Furla Group CEO.
“Since 2013, Luxury Retail Group has been the best key partner to work with as it perfectly embodies the Furla vision, values and DNA. This is the reason why the two LRG directors will remain as board members of Furla Australia.”
Camerlengo said the group expects that in 2017, the Australian business will represent five per cent of its global revenues.
“We aim to enhance the distribution in this country given the success of the Furla retail strategy and the very positive response of Australian customers.”
“We believe the timing makes sense for Furla to reacquire its distribution,” said Nelson Mair, managing director of Luxury Retail Group.
“After having achieved 95 per cent sales growth in 2016, this vertical integration of Furla Australia will better equip the business for the next phase of its growth,” Mair said.
“I am extremely proud of my team and what they have been able to achieve in such a short space of time and thankful to Furla for trusting their wonderful brand to us.”
Furla has a direct presence in 100 countries; with 444 monobrand stores that are split evenly between directly-owned boutiques and franchises. The company also has distribution in multibrand and department stores in 1,200 international locations.
Access exclusive analysis, locked news and reports with Inside Retail Weekly. Subscribe today and get our premium print publication delivered to your door every week.
