MILAN — At a time of generational and ownership shifts at several Italian companies, a major shake-up is taking place at the family-owned Etro SpA.
Ippolito Etro will leave his role as general manager to “pursue new business horizons,” effective April 1, said his brother Jacopo, global communications vice president.
Their father, Gerolamo Etro, known as Gimmo, president of the Milan-based firm, will take on Ippolito Etro’s role ad interim.
“The Etro Group sincerely acknowledges Ippolito Etro’s worth and the profitable job he has performed over the years, which has allowed us to reach important goals in Italy and abroad,” said Jacopo Etro.
A market source said future growth strategies may have been central in the reorganization. Ippolito and Jacopo Etro’s siblings, Veronica and Kean, are women’s and men’s wear creative directors, respectively. Jacopo Etro is also more of a creative mind, leaving Ippolito Etro to deal with the business and commercial issues, “often in conflict with the other three siblings,” said the source. “I believe Gimmo Etro and his wife were thinking of creating the conditions for the company to go forward and my impression was that they were balancing this axis, but tension must have built up and something must have happened that caused Ippolito to leave abruptly,” said the source, adding that a public listing “must have been considered, given the recent success of family companies such as Salvatore Ferragamo and Brunello Cucinelli.”
Armando Branchini, deputy chairman of Milan-based consultancy InterCorporate, said it’s “normal for conflicts to emerge in family companies, rarely based on personal issues but rather on potential solutions to help grow and develop the firm. When their name is on the tag, each individual believes their vision can help enhance and build the brand.”
The company’s revenues in 2013 totaled 325 million euros, or $429 million, up 4 percent compared with the previous year. The Milan-based firm last year stepped up its investments in China, and a big fashion show event and retrospective are planned to take place in Beijing on April 25 at the China Central Academy of Fine Arts. In 2013, Etro’s sales in the region grew 120 percent through 13 boutiques, which the fashion house plans to double in number this year.
Europe, where Etro operates stores in cities such as Milan, Paris, London, Barcelona, Munich and Vienna, accounts for 48 percent of sales, and Italy, in particular, represents 18 percent of total revenues. A first store dedicated to its Home collection will open in Milan on Via Pontaccio in the arty Brera district.
As reported in December, Etro is expanding its presence in North America, its second-largest market. It has recently opened a new store in Beverly Hills and last June relocated its Miami flagship in Bal Harbour. New units are expected to open in Atlanta this year and Houston in 2015. Etro also counts two doors in New York City, in SoHo and on Madison Avenue. The latter was refurbished in 2012. There is also a boutique in Manhasset, N.Y.
EXCLUSIVE: @tomford is opening its first-ever beauty store. The boutique, which opens November 20 in London’s Covent Gardens, was designed with the over-the-top glam Ford is known for. Read the full story on WWD.com, link in bio. #wwdbeauty #wwdnews (📷: Simon Wagner) #TomFordBeauty
New York-based DJ @harleyvnewton threw a party to celebrate the holiday collection of her dress and pajama line @hvn at the Ladurée Beverly Hills. It Girls @katebosworth, @rashidajones and more joined in on the fun, which included cocktails, croque monsieur sandwiches and a photo booth. #wwdfashion (📷: Owen Kolasinski/BFA.com)
For the holidays, @Burberry partnered with 20-year-old artist @blondeymccoy on a series of three outdoor murals in downtown Manhattan. The murals are McCoy’s interpretation of a Christmas eve party, the idea of charity and the spirit of family. His third mural, pictured here, is the most personal. The image depicts McCoy’s grandparents and father in London’s Trafalgar Square in the Seventies. “My work often features lots of sentimental objects.” #wwdeye
For spring 2018, designers applied bold colors and cartoonish motifs on everything from sneakers and belts to key chains. See all the top men’s accessories trends on WWD.com. #wwdtrends (📷: George Chinsee; Prop Styling by @rnasti; Market Editor: @luiscampuzano)
The @dior-sponsored @guggenheim international gala pre-party has a history of drawing cool-girl musical acts to serenade the crowd –– and last night was no exception. @haimtheband performed songs both new and old, and lured a star-studded audience with the likes of Rebecca Hall, Kate Mara, Mamoudou Athie and more. #wwdeye (📷: @lexieblacklock)
In a partnership between the @metopera and the @englishnationalopera, “Marnie” was born. The opera, with costumes sponsored by @mrporterlive, is an adaptation of the 1961 thriller by Winston Graham. Arianne Phillips, who created the costumes, is no rookie: She’s styled Madonna for her tours and created costumes for a myriad of films in the past. Read WWD’s interview with Phillips, where she talks about her inspiration for the opera’s costumes on WWD.com #wwdfashion
@barneysnyc took a different approach to their holiday windows this year. Instead of Christmas decor, Barneys tapped @thehaasbrothers to tell a story of positivity, gratitude and inclusivity via heartwarming silliness and humor. “It’s about kids and it’s about coming together and being family and loving each other,” said Simon Haas. #wwdfashion (📷: @joshuascottphoto)
Beauty influencer @kandeejohnson makes her foray into hair care with a collaboration with @ogx_beauty — making it the first time that OGX has teamed up for a product creation. The collab includes shampoos and conditioners in three scents. At 39 and a mom, Johnson is a different profile than the emerging social media stars, but is considered one of the pioneers of the digital beauty influencer world. Read WWD’s interview with her on wwd.com, including the strangest beauty product she’s ever tried #wwdbeauty