MILAN — Gruppo Coin SpA said Tuesday it expects to become the country’s largest clothing retailer following the acquisition of the Upim clothing chain in December, and to reach consolidated revenues of 2 billion euros, or $2.8 billion at current exchange, in the next three years.
“This is an extraordinarily important operation for Gruppo Coin,” said chief executive officer Stefano Beraldo, pointing to Upim’s 149 directly operated stores, more than 2.2 million square feet of selling space, most often centrally located in top Italian cities, and 2009 revenues of 430 million euros, or $597.7 million at average exchange rates. Beraldo said between 10 and 20 Upim stores will be converted into Coin units by 2011. By August, around 60 Upim stores will morph into points of sale dedicated to Coin’s brand OVS Industry. Upim also counts more than 200 franchised stores, which will maintain their original banners. The group will reach a total of 900 stores.
Hermès is launching a Laundromat pop-up shop in NYC - dubbed Hermèsmatic - where customers can bring their old scarves to be dip-dyed by an expert. Get all the details on WWD.com. #wwdnews (📷: @donstahl)