2024-07-23 04:12:50
LuisaViaRoma is accelerating internationally. The famous luxury multi-brand store from Florence, which found success as one of the first to invest in online sales in 1999, is opening its first physical store abroad. It has set its sights on the United States, its first market after Italy, where it makes a quarter of its online sales, particularly in New York, where it has chosen to establish its new boutique in Manhattan’s NoHo district.
“The opening in New York is part of the company’s global expansion strategy, a business approach that balances the immediacy of digital services on the Web and applications with the best physical locations, where luxury products can be touched and tried,” the company stated in a press release. This is the third physical retail outlet of LuisaViaRoma, following the historic one opened in 1929 and a second location in Florence dedicated to contemporary brands. The brand also has a suite in Milan, reserved for guests and special clients, as well as the press, located in the Milanese headquarters of the group inaugurated last April. In 2019, a point of sale was opened in Riyadh, Saudi Arabia, but it was a pop-up store that has since closed.
The store, a little over 1,000 square meters spread over two levels, is located at 1 Bond Street, between Lafayette Street and Broadway. It hosts collections of ready-to-wear for women and men, focusing on a curated selection aimed at attracting New Yorkers, a clientele that the brand describes as “opinion leaders in culture, business, entertainment, and philanthropy.” Among the collections offered are those from Chloé, Maison Margiela, Jil Sander, and Lanvin. Not to mention pieces from New York designers such as Gabriela Hearst, Proenza Schouler, and Helmut Lang.
LuisaViaRoma New York also plans a private area of 200 square meters for VIP clients with a discreet entrance, where a selection of couture pieces and high jewelry will be available. As part of the partnership established in 2022 with Vestiaire Collective, a selection of vintage pieces will also be offered to New York clients, who will also be able to consign their own products on-site in exchange for a shopping voucher in the new boutique. Additionally, the offer includes a selection of books, curated by Dashwood Books, a New York bookstore specializing in fine volumes.
The layout focuses on minimalist design in a palette of off-white and sienna with vintage or custom-made furniture. On-site, clients can shop physically, but also online via touch screens connected to the brand’s e-shop, placing orders that are shipped directly to their homes.
The goal for the Italian brand, which opened its capital in 2021 to the Style Capital fund for 40%, with the remaining 60% still held by its president Andrea Panconesi, “is to accelerate growth in a crucial market and consolidate LuisaViaRoma’s position as an experience offering a full luxury shopping service.” “This chic multi-brand fashion paradise is designed for our global clients who desire a personal shopping experience,” comments CEO Tommaso Andorlini. “Our flagship store in New York is aimed at the city’s trend-setters by offering them exclusive items and unique experiences,” he concludes.
At the beginning of 2024, the company transformed into a group, rebranding itself as LuisaViaRoma Group, after acquiring via Tommaso Andorlini, who has been at the helm since July 2023, Holding IT, which owns FFW srl, a service provider for luxury e-commerce, and Playground srl, a distributor managing the network of high-end sportswear boutiques Soft. In 2023, the group recorded a turnover of 243 million euros, up 19.4% compared to 2021, and is targeting a growth of 15% for 2023.
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Future Trends in Luxury Retail: Embracing Omnichannel Strategies
As luxury retail continues to evolve, brands like LuisaViaRoma are leading the charge by integrating both physical and digital shopping experiences. The recent opening of their flagship store in New York City highlights a significant trend towards omnichannel retailing, where the in-store experience is enhanced by digital capabilities. This shift indicates a growing understanding that affluent consumers seek personalized experiences that combine immediacy with tactile engagement.
The Rise of Experience-Centric Retail
Luxury consumers are increasingly looking for not just products, but also engaging experiences. Retail spaces that offer exclusive services, such as VIP areas or curated collections, are likely to be prioritized. The focus on experiential shopping allows brands to cultivate deeper relationships with their customers, making them feel valued and understood. Expect more brands to follow suit, creating spaces that maximize personal interactions alongside sophisticated digital touchpoints.
Integration of Technology in Store Design
The minimalist, sophisticated designs seen in stores like LuisaViaRoma’s will become a staple, incorporating technology seamlessly into the shopping experience. Touchscreen kiosks that connect to online inventories, virtual try-ons, and augmented reality experiences are becoming integral tools for driving sales both in-store and online. As technology evolves, so too will the ways consumers shop, and retailers must adapt accordingly.
Focus on Sustainable Luxury
With growing awareness surrounding sustainability, luxury brands are likely to adopt more eco-friendly practices. Increased interest in vintage and pre-owned items, as demonstrated by LuisaViaRoma’s partnership with Vestiaire Collective, suggests a trend towards circular fashion. Consumers are leaning towards brands that not only offer luxury but also ensure transparency in sourcing and manufacturing processes.
Digital-First Strategies for Global Reach
European luxury brands eyeing expansion into markets like the U.S. are reevaluating their strategies to include strong digital components. The ease of online shopping and the efficiency of global shipping means that brands must consider how their physical locations can complement and enhance their online presence. Expect future luxury stores to be as much about bolstering an online persona as they are about selling products directly.
Overall, as seen in the recent initiatives by LuisaViaRoma, the future of luxury retail is a blend of personalized in-store experiences, advanced technological integration, a commitment to sustainability, and a robust online strategy. Retailers that successfully harness these elements will likely stand out in an increasingly competitive market.