Etro debuts in luxury residences, starting in Turkey
Etro Residences in Istanbul by 2026. CEO Fabrizio Cardinali: "The maison was born in textiles, this was a natural outlet with great potential in the world".
3' min read
3' min read
"Iin three years we have worked on many fronts, trying to give some priorities, but without excluding any novelty, because the brand is very strong and we receive all kinds of attention and proposals. Despite the extremely difficult period for everyone, in the last few months we have begun to reap the fruits of investment and vision, and the novelties in Turkey really project us into a new dimension, although not unexpected, given the history of Etro".
Fabrizio Cardinali, managing director of Etro from September 2021, thus presents the debut, announced yesterday in Milan, in the "brand residences" segment, thanks to an interior design project for Rams Beyond Istanbul, a complex located in Maslak, a district that symbolises the vibrant character of Istanbul, with panoramic views of the Bosphorus and owned by Rams Global. The brand will take care of the image of the new residential units, signing the design of 37 of the structure's 40 floors, covering an area of 2 thousand square metres each, "further consolidating its identity as a global luxury brand with an increasingly complete and diversified lifestyle experience", stresses Cardinali, who came to Etro with 25 years of managerial experience in the high-end sector, in particular at Richemont and Dolce&Gabbana.
"I have seen the sector withstand many crises, without having to make major changes," adds the CEO. "But in recent years, not only because of the pandemic and the rebound afterwards, consumers have changed, including high spenders. Alongside the core business of clothing and accessories, where Etro has great room for growth, it is important to offer other opportunities, and branded residences are one of the most interesting'. Etro is controlled by the L Catterton fund, which holds 63.2% and with which, says Cardinali, "there is harmony of vision and objectives, with relative shared time horizons, because real changes cannot be sudden".
The alliance with Rams is part of a broader development and expansion strategy that in recent seasons has led to other major agreements, such as the launch of the eyewear collection with Safilo, the licence for perfumes and fragrances with the colossus Coty, and the introduction of Etro Kids. After Turkey, the partnership with Rams could extend to new projects in other countries around the world.
"The creative director Marco De Vincenzo is doing an incredible job on each collection and the ambition is to arrive, within five years, at a balance between the women's part, which absorbs 50% of sales, and the men's part, today at 30%. Let's not forget that the brand's founder, when he introduced clothing, started with men's clothing,' recalls Cardinali. 'And above all, let's not forget that Etro began as a fabric manufacturer, in 1968. In 1981 the furnishing fabrics line was added, a sector that was further developed over time with the Etro Home Interiors proposals, under licence to Oniro Group, and with Etro Home Collection. Signing an interiors project is a sort of closing of the circle, or a return to the origins'.
