Ami Paris to reach 300 million euros by the end of the year

«The goal for 2023 is to exceed 300 million euros», Nicolas Santi-Weil, ceo of Ami Paris, the brand founded in 2011 by designer Alexandre Mattiussi, said with understatement in an exclusive interview with MFF. An important number, given that 2022 closed at 230 million in revenues and 2021 at 129 million, while in 2019 sales only reached 35 million. A real phenomenon, in terms of business as well.

«For us, turnover is just an item. We want to be able to follow our own path without being driven by the numbers», he calmly continued. The manager first came across Ami in 2012, after a friend who had just invested in the French menswear brand asked him for his opinion on the venture. Santi-Weil, executive director of The kooples at the time, took a short walk from his office to Printemps, where Ami had just opened a corner shop. He returned with a vivid interest and a heavy shopping bag. Soon after, he invested in Ami, accepting a pay cut to become its ceo from 2013, betting on a company that was making only 1.8 million euros in sales, just a fraction of The Kooples’ business. In its 12 years, the brand has grown from 0 to 58 boutiques worldwide and more than 500 employees. At the last show (see MFF on June 23) Vincent Cassel walked the runway, while Catherine Deneuve and Halle Bailey, star of Disney’s new live action, The little mermaid, applauded him from the front row, because Ami Paris is a brand that unites different generations around it, and its community is strong and constantly growing.

In two years you have gone from 130 to over 300 million in sales. What is the secret?

It is a strategy, more than a secret, based on not depending too much on a single market. China is definitely our most important marketplace and destination by sales and volume. However, when Covid-19 started and the whole area closed, we compensated with other geographies.

Besides China, what are your target markets?

After China, the US is growing well. As a result, we have three major stores in Los Angeles, Miami, and New York. Japan is another crucial market, as is South Korea. In Europe, obviously France is following us well, and Italy is definitely an important market.

In Italy, however, you do not have a direct store yet. Is it coming?

Our strategy for opening stores is based on a detailed analysis of e-commerce flows. If a marketplace works online, we figure out which city and which area might be suitable to host one of our stores. However, everything has to be balanced with the cost of fees. We have shops-in-shop at Rinascente: two in Milan and two in Rome. In addition, Italian multibrands are really a status for every brand, from Antonia to Tessabit to 10corsocomo. For the first flagship, we are keeping our eyes open, but there is no executive plan yet.

What is the distribution strategy? Direct stores, e-commerce, wholesale?

We are present in 700 stores in 123 countries so far. We have one boutique in London and three in the US. Direct stores are definitely more extensive in Asia, as we have 17 boutiques in China, 15 in Japan, and 12 in Korea. E-commerce as I said is key and represents a substantial slice. The bulk remains tied to wholesale, but retail is growing percentage-wise in line with the sales progression.

The Sequoia capital fund joined the brand in 2021. What is your financial governance today?

Sequoia capital made one of its first investment outside of the technology sector with us. The Shanghai-based company has worked with over 600 Chinese companies and made investment with giants such as Alibaba, Tencent, and JD.com. It has brought us not only capital but also know-how, but it is not our only investor.

Besides Sequoia, is there another important shareholder?

It is Felix capital, a very dynamic company led by Frederic Court, who founded it in 2015 after almost two decades of investing with Advent venture partners. (The London-based investor doubled its assets under management, raising a new 600-million-dollar fund in June 2022, ed.). In regard to capital, we do not want to have to depend on one vision and to be able to follow our own path.

Therefore, if a group came forward to acquire you, what would you say?

We are growing well on our own. We launched womenswear only two years ago, and it already accounts for over 20% of sales. However, we know that many women buy the men’s collections. Accessories have a lot of potential, our first bag is a best seller, and there is a lot more than can be done.

Last year your show was in Seoul, and before that in Shanghai. Since Italy is important, would you make a show in Milan, or perhaps as a guest at Pitti uomo?

Being autonomous allows us to be open. If there is an interesting opportunity for an important market… Italy is one of them, so the possibility exists.

Could the stock market be a goal for you? Under what conditions would you list yourself?

Autonomy is really a great value. Listing on the stock exchange often means having to work to impress the markets and analysts. For now, that is not what we want. We are growing well and have a choice. We will continue like this for a while, as the numbers prove us right. However, as I said, numbers are important, buy you cannot become their slave.

A string of capsules with hugely popular brands, from years when Ami Paris was a niche label. First to see far ahead was Remo Ruffini’s Moncler, which in 2015 was the first major brand to choose to create a collection with the then up-and-coming Alexandre Mattiussi. For the fall-winter 2017 collection, it was Eastpak’s turn with a line of backpacks and bags. The logo with the ace of hearts, symbol of the label, appeared later that year for an outerwear collection made in collaboration with the american Gap. From 2017 to 2020, summer collections featured capsules with the famous smiley logo. The fall-winter 2018 season saw the collaboration with K-way, which realized three models that were available in different technical materials and in two colors, red and blue, in monochrome or with striped details. «The co-labs are one of our strength. They bring consumers who do not know us closer, and give freshness to brands with a longer history», ceo Nicolas Santi-Weil explained. In the spring-summer 2021 season, the label crossed paths with illustrator Jean Jullien for the Ami de cœur line. In the spring of the next year, it was the turn of the first capsule of felt hats made with the historical manufacturer Borsalino. The same season saw the arrival of a cross between prestigious brands: the ace of hearts by Mattiussi with the stylized feline by Puma, an extensive capsule consisting of different looks. The company debuted in jewelry with Alan Crocetti for the fall-winter 2022 season. The next chapters are awaited. (all rights reserved)