Italian fast-fashion group Teddy bucks market trend with 87 store openings in 2019
According to data by industry association Comfimprese, retail openings in Italy in Q3 2019 slowed down by 10%. A trend that doesn't seem to have affected Rimini-based group Teddy, owner of the Terranova, Calliope, Rinascimento and Miss Miss fast-fashion chains. Teddy has actually stepped up the pace of its expansion at the end of this year, and is aiming for a total of 87 new openings in 2019, of which 70% are franchised stores.
“This is the final year in our five-year retail expansion project, for which [Teddy] has invested over €100 million between 2015 and 2019. During this period, we have reached significant milestones, such as repositioning the network by introducing larger store sizes, optimising the markets in which we operate, upgrading the interiors and store format for our three brands and focusing on customer loyalty by adopting omni-channel technology and services,” said Pierluigi Marinelli, development director of the Teddy group.
Specifically, Terranova will close the September-December 2019 period with 39 openings, chiefly in central and eastern Europe. The chain has opened a store of over 1,000 m2 inside Moscow’s Mega Khimki shopping mall, another one in Poland, in Warsaw’s Zlote Tarasy mall, and one in Austria, inside Vienna’s largest shopping mall, the Donauzentrum. Finally, in December, Terranova plans to open a new store in France, the ninth in the country, inside the Grand Place shopping mall in Grenoble.
As for Rinascimento, in 2019 the chain opened 13 new stores, notably thanks to the ‘Fits You’ franchising formula, which offers retailers the chance to join Rinascimento at bespoke, flexible commercial affiliation conditions.
The Calliope chain also continues to expand, opening larger stores, extending on average over 750 m2, to make room for the new childrenswear line, launched at the start of 2019.
The Teddy group was founded in 1961. In 2018, it generated a revenue of €642 million, up 1.3% at constant exchange rates. The group grew by 9.3% in Italy, whose revenue accounted for 52.5% of the group's total.
Copyright © 2023 FashionNetwork.com All rights reserved.