Autry targets 300 million in three years

«If within three years we do not reach at least 300 million in sales, I think we have done something wrong,» Mauro Grange, ceo of Autry, explained. The sneaker brand founded in Dallas in the 1970s has gone from 3 million in sales in 2019 to 30 million in 2021 (in only 15 months of activity), which has increased to 90 million in 2022, and it now plans to close 2023 at 130 million. To elevate product quality and its positioning, Autry introduced models in lambskin and nubuck leather, producing in Indonesia. Since summer of 2021, the brand has been under the ownership of Made in Italy fund, a private equity fund managed by Quadrivio group (see MFF of May 19) with Mauro Grange as ceo and former Gucci ceo Patrizio Di Marco as chairman. «We have worked really hard on a very selected distribution. As a result, we entered over 1,500 top dealers in three years», Grange stated in this exclusive interview with MFF. «Today we produce over 1.5 million pairs of sneakers a year in five factories in Indonesia with very high standards”. The Autry brand was acquired in 2019 by a pool of Italian entrepreneurs, namely Marco Doro, founder of Ghoud, Alberto Raengo, and Gino Zarelli. In 2021 the Made in Italy fund, through the holding company Fine sun, took control by co-opting Mauro Grange and Patrizio Di Marco. The brand, which has always specialized in the production and distribution of sneakers, has unveiled a first ready-to-wear collection of 300 pieces, which will be in stores from November. Now the first flagship stores are on the way, between the cities of Paris, Seoul and Tokyo.

How did you end the year 2022? What numbers do you expect to close 2023 with?

In 2022 we closed with 90 million in sales, about 30% Ebitda, as we reached 27 million Ebitda. I can already unveil numbers for 2023 as we just finished the sales campaign. We will close between 120 and 130 million, with almost 40 million Ebit.

What do you want to do when you grow up?

We already are grown-ups. However, the most important thing right now is to take the next step. What does that mean? It means that from this moment on we have to consolidate the brand, make it a real brand, build a lifestyle around it.

Are you launching ready-to-wear?

We have just unveiled a ready-to-wear collection of 300 pieces that will be in the stores from November. We launched a sports line for golf and tennis designed by Alberto Bresci, the founder of Hydrogen.

So, what is the strategy now? Are you operating in Asia?

My idea is that now we have to position the brand, build the community of people around us, and consolidate that sense of belonging of the customer to the brand. We are starting operations in markets such as Japan, China, and the Us. If we make 130 million today, with Japan just starting to grow, operations starting in Taiwan and China, and the products being sold out in Hong Kong, Macao, and Shanghai, I think it is quite natural that the numbers will grow exponentially.

Is production in Asia to keep costs down?

We work with five different shoe factories all dedicated to Autry amounting to around 2,500 employees, in total compliance with all labor regulations. We like to joke and say that more than factories, they are pharmacies, because we keep everything very clean. We are intransigent, we control them scrupulously from that point of view.

How are you distributed today?

We are in the top multibrand stores in the world, namely Nordstrom and Saks in the Us, Browns in the Uk, Galeries Lafayette and La Samaritaine in France. In Italy, we are present with Sugar, 10 Corso Como, and Antonia. Just the top ones. This is our distribution network.

Are there flagship stores on the way? If so, where?

Certainly Paris, a significant market for the brand’s image. Then Seoul, and perhaps a third one in Tokyo.

The financial architecture behind you, the Made in Italy fund of the Quadrivio group, is moving a lot. What has been the fund contribution?

I was able to join officially because I am part of the Made in Italy fund. It has definitely brough a great vision. When it comes to the future, definitely managerialism, which is needed in this type of company, and then, on the other hand, also financial tranquility and a corporate structure that will soon allow us to open new headquarters between Venice, our main headquarters, and the fashion capitals. (All rights reserved)