L’Autre Chose Buys Giannico

L’Autre Chose has taken full control of luxury footwear brand Giannico, which was launched by Nicolò Beretta in 2013. Beretta, who joined L’Autre Chose in September 2018 as creative director of the Italian brand, will continue to hold this role at both labels. Known for his wit and his colorful embellishments on shoes, which have caught the attention of the likes of Lady Gaga and Chiara Ferragni, Beretta won the Who’s on Next prize in 2015 and in 2016 received the Footwear News Emerging Talent Award.

Alice Carli, who tapped Beretta after joining L’Autre Chose as CEO in June last year to spearhead a new course for the upper-premium brand, will now also helm Giannico with the same title. “While the two brands will remain separate, the acquisition will consolidate the relationship and implement synergies,” said Carli, noting that Giannico’s high-end image will further raise that of L’Autre Chose.

Carli is also developing the distribution network of L’Autre Chose, which will open a new boutique in Milan on Sept. 21 during fashion week.

The large boutique, which covers 918 square feet on three floors, is located on Via Croce Rossa opposite the Emporio Armani megastore and the Armani Hotel, and on the corner of the storied Grand Hotel et de Milan.

The unit is conceived as “an atelier of creative directors of once upon a time,” said Carli, pointing out, however, that it is also “modern, focused on customer service and international at the same time. The aesthetic is very feminine.”  The company has partnered with Dedar Milano, and the store’s wallpaper with bucolic patterns in sync with the warm and intimate mood of the interiors. An Art Deco inspiration runs through the store, which is marked by natural colors and a powder pink palette, and is punctuated by big screens and gilded mirrors — as well as boudoirlike changing rooms. Wooden floors, velvet, straw, and brass are some of the main materials used. The plan is to refurbish in the same style the existing stores in Rome, Turin and Bologna and the pop-ups at Printemps, Galeries Lafayette, Isetan, United Arrows, Tsum Moscow and more.

A day before the opening, Giannico will take over the windows of the neighboring jewelry store Pennisi with his shoes, for a “breakfast at Pennisi,” said Carli.

L'Autre Chose store, Milan.
The L’Autre Chose store, Milan.
CREDIT: L'Autre Chose

Carli said he was pleased with the signs so far of new direction for the brand and its growth across all its distribution channels. As of March 2018, revenues totaled 13 million euros ($14.3 million), and Carli expects double-digit growth in sales in the fiscal year ending March 31, with positive margins. The spring 2020 collection posted 70 percent growth, accounting for 30 percent of orders. Exports grew 75 percent following the launch of the L’Autre Chose omnichannel in September under Carli’s lead.

Carli and Beretta are developing L’Autre Chose internationally and expanding its core footwear division as well as its ready-to-wear, handbags and small leather goods categories.

The company is based in Porto Sant’Elpidio in the central, east coast Marche region, a storied footwear manufacturing hub. L’Autre Chose, which was launched in 1987, is fully owned by Sator Private Equity Fund.

In a vote of confidence in the brand’s growth potential, Sator in January acquired the remaining 16 percent stake of L’Autre Chose SpA it did not already own, achieving total control of the Italian fashion company.

Financial terms of the transaction were not disclosed.

Sator in 2013 acquired a 49 percent stake in the company, which was previously controlled by the founding Boccaccini family. Three years later, it became majority shareholder.

Matteo Arpe is the founder, chairman and CEO of Sator, which also has investments in Banca Profilo (private banking and capital market), Aedes SIIQ (real estate), Eprice (e-commerce) and 99 Technology (biotech).

This story was reported by WWD and originally appeared on WWD.com.

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