MANHATTAN DEBUT: Italian accessories and luggage brand Piquadro will enter the U.S. market next year through the opening of its first store on New York’s Madison Avenue in March. The Bologna-based company, launched 15 years ago by entrepreneur Marco Palmieri, is expanding globally. Last year, Piquadro opened in Paris’ Rue Saint Honoré and, in March this year, a unit bowed in London.
Palmieri, president and chief executive officer of the company, said that, “after the growth results in Italy and abroad during the last fiscal year, this appears to be the right moment and the decision to finally take this step is supported by the figures relating to the last six months of the year, ended on Sept. 30, with an 8 percent gain in sales and a positive like-for-like performance, as well as a double-digit increase in e-commerce.” The company will officially approve and release first half results by Nov. 25.
The 1,080-square-foot New York store will feature a new version of the blueprint conceived by architect Karim Azzabi with unique furniture pieces, in line with the brand’s strategy to differentiate each unit. Including the New York venue, the number of Piquadro boutiques around the world total 104.
The company has over the past two years teamed up with designer Antonio Marras on capsule collections of accessories.
Piquadro SpA, publicly listed on the Italian Stock Exchange, reported a net profit of 3.5 million euros, or $4.8 million at average exchange rate, on sales of 63 million euros, or $86.3 million, in the 2013-2014 fiscal year ended March 31.