NEW YORK — Sought-after Italian suitmaker Canali has landed a prime spot in Manhattan for a flagship, a two-level 6,000-square-foot space at 625 Madison Avenue at 59th Street, according to real-estate sources.
This story first appeared in the July 19, 2012 issue of WWD. Subscribe Today.
Canali operates one store in Manhattan, on Broad Street in the financial district. “It’s a tricky location,” said a retail source, adding that the company has been interested in finding a larger space on Madison Avenue for several years. “Canali is a hot brand.”
The brand, with its traditional tailoring performed by artisans, opened its first flagship in Paris in 2009 and another in London the following year. Canali, which is sold at Saks Fifth Avenue and Bloomingdale’s here, is also sold in Los Angeles, on Rodeo Drive, the Penthouse at South Coast Plaza in Costa Mesa, Calif.; Marshs in Huntington, N.Y.; the Shoppes at the Palazzo in Las Vegas; the Village at Merrick Park in Coral Gables, Fla., and Garmany in Red Bank, N.J. Canali has been raising its profile here, opening a new showroom last year in the Meatpacking District.
The company acknowledged that the brand is looking for a location for a flagship, but said a lease has not been signed.
Founded in the Thirties in Italy’s Lombardy region, Canali is known for its luxury fabrics and traditional tailoring performed by artisans. The second generation of the family took over the business in 1950; by 1980, half of Canali’s production was destined for international markets.
The U.S. was Canali’s largest market in 2009, representing about 35 percent of total sales of nearly $270 million. The privately held company does not provide sales figures.
Named the Plaza building when it was built in 1930, S.L. Green acquired 100 percent of the leasehold in 625 Madison Avenue in 2004. Revlon was the major office tenant in the early Nineties, when the building was named after the cosmetics company. Polo Ralph Lauren now occupies the majority of office space. Canali’s retail space was most recently occupied by Lederer. Other tenants include Stuart Weitzman, Fratelli Rossetti and the restaurant Lavo. A 10,000-square-foot retail space is also available in the building. “We’re in negotiation with two major tenants,” said Jeff Roseman, executive vice president and principal of Newmark Knight Frank and agent for the building. “Madison Avenue is as strong as it’s ever been.” He declined to comment about Canali.