Milan — Missoni has “found its center of gravity” and is staying on that path, says CEO Livio Prori.
In an exclusive interview, Proli acknowledged that “the past few years have been incredibly challenging,” but expressed confidence that the brand “still has great potential” and expects further growth by leveraging the efforts that have been made.
Missoni ended 2023 with sales of 126 million euros, up 10%, and Proli said revenues had doubled compared to 2019.
“Missoni is now profitable for the first time in several years, with positive EBITDA. [earnings before interest, taxes, depreciation and amortization]”This is an improvement compared to last year, and this growth trend is expected to continue in 2024,” he said.
Sales are up 2.5 percent from the start of the year through April, and Proli said he is also proud of the company’s “improved delivery system.”
As part of the restructuring, Prori plans to position Missoni more luxury, focus on its signature line and close all other lines, including M Missoni, in 2021.
After months of speculation about the company’s future and rumors that Rothschild had been appointed to explore a possible sale, the executive clarified the situation: “We are committed to the three-year plan that was agreed with shareholders in December,” said the executive, who joined Missoni in May 2020.
The Missoni family owns 58.8% of the company, with the remaining 41.2% acquired by investment fund FSI in 2018. “There is great alignment between the two companies, and certainly both believe the company can still grow, but we have never felt pressured to do so, and we have no obsession with KPIs.” Missoni will celebrate its 70th anniversary in 2023, and Proli said, “I intend to carefully lead and develop it for at least another 70 years.”
The first sign that the fund had no intention of selling was its purchase of luxury textile giant Tricotex in March, in a bid to ensure continuity in Missoni’s supply chain by buying one of its long-standing suppliers.
Based in Gallarate, just outside Milan, near Missoni headquarters, the company specializes in Missoni’s signature raschel knit fabric, which is made on special Capeldoni looms rather than industrial knitting machines and features a textured surface that “resembles a bas-relief and gives the designs a sense of movement and dynamism,” Proli explained. This helps preserve the identity of Missoni’s production and “become even more daring and creative.”
Inside the new Missoni store in Milan.
Now, another key step for Missoni is investing in menswear, a category the brand will turn its attention to when it exhibits at Pitti Uomo later this month. “This category has not been a priority recently, as we have had to focus and develop on womenswear and our lifestyle concept, which includes our home collections,” the executive said.
“We felt it was necessary to create a small department solely dedicated to menswear,” said Proli, who added that menswear will be designed by an in-house team and Filippo Grazioli will continue to design womenswear for Missoni.
He revealed that the team turns to co-founder Ottavio Missoni (known as Tai Missoni) for inspiration, saying, “We respect his values and his style. He was the best brand ambassador, a charismatic artist and the creator of the beautiful color combinations of the brand.” His wife and co-founder Rosita Missoni and their son Luca have been working to “restore memories, stories and details” about the late designer, who died in 2013 at the age of 92.
In fact, Proli plans to present a collection titled “Inspired by Tai” in Milan for the fall 2025 season.
In the meantime, Pitti Uomo will be a strong starting point, as it will allow the company to “talk to the industry and start building a community.”
Proli said developing the US market is another key focus for 2024 and 2025. “The brand has a very strong presence in the US, where online sales account for 40% of our sales.” Missoni launched its own e-commerce platform last September and plans to open a warehouse in New York dedicated to buying and logistics.
A new CEO for the U.S. subsidiary will be announced in September to replace Giacomo Missoni. Proli praised the executive’s work in developing the local organization and business, but said the son of the late Vittorio Missoni wanted to return to Italy.
In the United States, there are boutiques in New York, South Coast Plaza in Costa Mesa, California, and Miami, as well as a franchise store that opened in Las Vegas in December.
“We are also working with department stores to personalize corners and points of sale to increase visibility,” Proli said.
Business in the Middle East is also “booming” thanks to the agreement with Al Tayer, having recently opened its second boutique in the Mall of the Emirates in Dubai, with stores planned to open soon in Kuwait and Jeddah, Saudi Arabia.
Livio Proli
The new two-storey store, which will open on Milan’s Via Verri, has unveiled new blueprints but is not due to officially open until September.
A store opened in Puerto Banus, Spain in November.
Missoni operates 24 directly managed stores, and Proli said he received several inquiries from potential franchisees last year, indicating strong interest in the brand.
In fact, stores are set to open in Monte Carlo, Thessaloniki, Mykonos and Santorini in 2024, as well as an outlet in Vienna.
A dedicated Missoni Home store is due to open by the end of this year or early 2025 on Via Solferino in Milan’s artsy Brera district, opposite the division’s showroom.
The home category has always been important to the brand, accounting for 30% of sales last year. In 2020, Missoni acquired T&J Bester, the licensor of the Missoni home collection, based on a partnership that began in 1983.
Missoni has recently signed several deals, including the Missoni Baia Residences in Miami with developer OKO Group, a tower of 350 apartments, which is currently in the delivery stage.
The interiors of the residential project have been conceived by Alberto Carilli, Creative Director of the Missoni Home Collection, overseen by Rosita Missoni.
Dubai, an urban oasis
Missoni has worked with luxury property developer Dar Global to design the interiors for Urban Oasis, a 500-unit apartment tower in Dubai, and the Marea residential project, currently under construction, with 80 apartments at Finca Cortesin Golf Club, near Marbella in southern Spain.
Missoni is working with Brazilian developer Gafisa to build 16 luxury apartments at Itaim Bibi 5 in São Paulo, and with Dulare on the Moonstone project, which will see 255 beachfront apartments in Ras Al Khaimah, United Arab Emirates. Three more projects are in the works and should be announced by the end of the year, Proli said.
