Italian label Eleventy is planning big moves. Creative directors Marco Baldassari and Paolo Zuntini, both chief executive officers of the company along with Andrea Scuderi, held a press conference in Milan late last month to share the positive results registered and the upcoming strategies for the brand.
The nine-year-old company is expected to close the year with a revenue of 20 million euros, or $21.8 million at current exchange, registering a 35 percent increase compared with 2015, when it totaled 14.9 million euros, or $16.2 million. The positive outcome is also due to the support of Vei Capital, Palladio Holding’s private equity fund, which became the major shareholder of the company in 2014 and currently owns 50 percent of the shares.
“It’s also thanks to them that today we are able to be in conversation with the world,” Baldassari said. “In order to make this kind of progress, it’s essential to find partners that can support you with capital and, most of all, human resources,” he said, underscoring how these “enable us to dialogue with foreign countries, ranging from the U.S. to China and Japan, where there’s a different background.”
According to Palladio Holding’s investment manager Simone Giovannelli, Eleventy will keep up the pace with this growth in the next years. The revenue forecast for 2017 is around 26 million euros, or $28.3 million, while the goal is to reach 50 million euros, or $54.4 million, by the end of 2019.
“We’re very happy not only for the numeric increase but also for the quality of the growth we are registering,” noted Giovannelli, mentioning the products positioning and the quality of Eleventy’s clientele.
Foreign markets are a strength for the label, with 70 percent of sales registered outside Italy. In particular, the company bolstered its presence in the American market, which represents 15 percent of the total portfolio, thanks to the acquisition of 70 percent of Eleventy USA. This American leg was formed in 2014 in partnership with local managers, including former Goldman Sachs & Co. banker Earl Rotman.
“Eleventy decided to enter the American market directly,” Giovannelli explained. “We became major shareholders of Eleventy USA because we consider this market strategically and commercially important for us,” he added. “We are very satisfied with the job we are doing in the U.S. We will total $6 million in 2016 and we expect a 50 percent growth next year.”
A similar operation was realized in Japan, considered another key market by Giovannelli for “history, tradition and consumer’s demand.” In addition to the direct presence in the U.S. and Japan, the label is distributed in 30 other countries, including Russia, Turkey and the Far East, through a series of agreements with local partners.
The company’s main objective is to expand market coverage and its direct distribution presence. Having an international retailing strategy in mind, Eleventy is planning to open a series of flagships in Italy, Switzerland, Austria and France. In addition, the label is present through shops-in-shop in prominent department stores across the world, including Bloomingdale’s and Saks Fifth Avenue in the U.S., Isetan and Itochu in Japan and Tsum in Russia, among others.
A new concept for the stores is also in the works and will be developed in the next three years, starting from Milan and New York, along with the launch of the brand’s official e-commerce.
During the press event, Baldassari and Zuntini introduced Eleventy’s new advertising campaign, shot in the evocative location of the Henraux’s Cervaiole marble quarry, a historic natural site situated in Tuscany and already explored by artist Michelangelo Buonarroti back in 1517.
Baldassari explained the choice of location addressing an affinity among the location and the brand’s aesthetics. “The quarry fully represents us with its purity, linearity and beauty,” the designer said. According to Baldassari, Eleventy’s mission is to spotlight its Italian roots. “We need to take this beauty abroad, [places like the quarry] have to be sources of pride for us,” he concluded.
Shot by Stefano Guindani, the campaign is complemented with a short movie, realized by creative director Andrea Mauro and director Andrea Piu. The color images feature both male and female models showcasing spring 2017 standout pieces, surrounded by geometric marble blocks and walls. The video is available on Eleventy’s web site and will be broadcasted in the label’s flagships.