MILAN — MSGM is gearing up to open its first flagship in London, inaugurating in September.
Located in the heart of the Brompton Cross luxury shopping area, this will be the second European monobrand store for the label, which also operates a flagship in Milan.
“We chose London because we think that MSGM actually fits the taste of the U.K. market, and the British department stores, including Liberty, Selfridges and Harrods, were among the first clients of the brand,” said MSGM chief executive officer Roberta Benaglia, the founder of Italian private equity Style Capital, which acquired 32 percent of MSGM Srl in February. The remaining 49 and 19 percent are controlled by manufacturer Manifattura Paoloni and MSGM founder and creative director Massimo Giorgetti, respectively.
According to Benaglia, MSGM is reinforcing its presence in the U.K. market with the opening in July of a pop-up store at Selfridges.
Housed in a space previously occupied by Chanel, the MSGM flagship counts Acne, Joseph and Stella McCartney among its neighbors.
“With its combination of history and pop references, the Brompton area perfectly reflects the spirit of the label,” said Giorgetti, who created the store concept that will make its debut in London. “Instead of hiring an archistar, we decided to directly take care of the project. The new concept will be a celebration of the things I love, including marble, colors, references to Gio Ponti and the Memphis movement, and it will also include plants and natural elements.”
“We think this location is key to underline the positioning of the brand in the upper contemporary segment,” said Benaglia. “In addition, we think that our presence in London will be pivotal to reinforce our business in the United States,” said Benaglia, revealing that MSGM is looking for a location in New York’s SoHo district to open a flagship in 2019.
Reflecting the brand’s attention to the American market, MSGM has inaugurated a showroom in New York, where the brand will begin its resort 2019 women’s sales campaign in early June. This will continue in Paris and then in Milan until mid-July.
Last year, MSGM inaugurated an expansion plan in Korea in collaboration with a local partner and has opened five shops-in-shop so far. An additional “four or five stores a year” will open in Korea within the next three years, said Benaglia.
At the same time, MSGM is expanding in China, where three local partners will open four locations each next year.
The brand operates 15 monobrand stores in key cities, including Tokyo, Singapore and Hong Kong.
Accounting for 35 percent of total business, Asia represents MSGM’s first market, followed by Italy, which accounts for 25 percent of the business, while the U.S. represents 9 percent of the company’s turnover.
According to Benaglia, MSGM will close the year with revenues of between 50 million euros and 52 million euros, up 20 percent compared to the previous year.