CMP, sportswear from Veneto to conquer Europe with the Olympics effect

(Il Sole 24 Ore Radiocor) - A small stall selling yarns and homemade knitwear in the 1930s in Bassano del Grappa has turned into Italy's third largest group by turnover in the winter sports market (Osservatorio Mediobanca data to 2024). A group aiming at Europe and then reaching as far as China. This is the path of F.lli Campagnolo, a family-run company that is 'proudly Venetian', but now known among mountain enthusiasts throughout Europe especially under the CMP sportswear brand.

After 'years of impetuous post-covid growth' and a subsequent downsizing, the parent company closed 2025 with 205 million in sales (up from 204 the previous year) and an Ebitda margin up to 19% (from 18.6%). The goal for this year, explained CEO Fabio Campagnolo in an interview with Radiocor, is to exploit the Olympics effect - "which makes everyone want to ski" - to continue growing and reach 210 million in turnover "with a stable marginality". In the medium term, however, the dream is to land CMP jackets and boots on the shelves of China. "It is the most potentially interesting market, even though there are many well-stabilised players with significant numbers," says the CEO. "We already have a quality control office there and we are studying opportunities to close a partnership with an important group to sell in that area.

For the time being, however, the roots of F.lli Campagnolo are firmly in Italia, where the company generates almost half of its turnover (45.5%). However, Europe and in particular Germany, which accounts for 32.8% of revenues and is by detachment the most important foreign market for the sportswear brand from Veneto, also remains central in its development strategy. This is followed by Spain with 4.9% and Austria with 4%. "We are also registering good growth in the Scandinavian countries and in general throughout the Alps," says the CEO. New opportunities could then come from the United States, "even if we are now a bit at the window because of the tariffs issue".

In any case, "growth is in our DNA," Fabio Campagnolo reiterates, "but it must be healthy and we do not want to force the pace. For the next few years, F.lli Campagnolo is indeed aiming for an annual increase in revenues of around 3-5% - with an increase "of around 40 million by 2030" - and its strategy involves opening new shops, but "without neglecting eventual acquisitions". "If there are interesting brands, which tie in well with our portfolio, it is not certain that we cannot also grow by external lines," says Campagnolo. "At the moment, however, the priority is to do so by endemic force with our collections and with our new products. In fact, the company is working on technical fabrics that are 'increasingly light and wind- and water-resistant' for CMP, with a special focus on the youth audience. "We are currently developing a collection for snowboarding with oversize garments," Campagnolo explains.

However, the company looks to future generations not only as potential customers. Today F.lli Campagnolo "is managed by myself and my sisters Michela and Maria Pia as managing directors," explains Fabio Campagnolo, "But we will see what the third generation will do. Precisely in this perspective, the manager does not exclude any development, not even a possible listing on the stock exchange. "At the moment we are lucky enough to be strongly capitalised and to have more than enough liquidity to control the company's growth path. So we do not need to turn to the market or to funds as shareholders," says the CEO. "It is obvious that for an entrepreneur the primary asset to safeguard is also business continuity. Dynamics, however,' he acknowledges, 'can change rapidly and for the future I do not set myself any limits'. So, even on a possible listing on the stock exchange, 'never say never'.