Pinko considers the ipo

An ambitious race that will cross multiple fields, from product to business and distribution, and a long-term goal that could bring Pinko to the stock market. In fact, the Fidenza-based (Parma) brand aims to almost double its current turnover of 285 million euros in the three-year period thanks to a strategy that includes the strengthening of the accessories and footwear segment, the repositioning of the distribution network with a focus on Italy, and international development, from the Americas to the APAC region. The company’s President and ceo Pietro Negra explained the plans to MFF in this interview.

How have the company’s accounts fared over the past two years?

Our story has changed a lot from 2019 to 2021. We put together a good team with high potential and, above all, we reacted very well to the dramatic Covid-19 period and appreciated the positive mood of our sales customers. This led us to exceed 213 million in 2019 with a result of 242 million in 2021, with a growth trend similar to that of the luxury segment. In 2022, we exceeded 285 million, with an excellent ebitda of 58 million.

What projections do you have for the upcoming years?

We see a line of progressions that, ideally, will take us to 330 million in 2023. We have an opportunity to hold this trajectory until 2025-2026, when we will touch 500 million. This is our vision. In parallel, we are working on team integration.

Are you thinking about a future debut on the stock market?

After thinking about it for a long time, yes, in the long-term. We are now thinking about opening minority equity shares. Having an industrial partner with 20%-25% share can make it more likely for us to achieve our goals within 2026.

What kind of business plan have you put in place?

We designer an ad-hoc action plan. We want to become a benchmark for womenswear. In the meantime, we started by strengthening the brand’s identity with a product enhancement. If in the past we had increased the number of items to respond to China and the Us, we are now focused even more on quality. It is also the direction that the consumer demands. We grew 20% as an average price and got a designer who works for big fashion houses. After 7-8 months of collaboration for the Autumn/Winter 2023 collection, he will fully operate on the Spring/Summer 2024 collection. Secondly, we are strengthening the handbags business unit: we formed a team of specialists, and we built a real leather goods structure, which after 4-5 years produced about a third of total sales. Finally, footwear is our third pillar, as we have to rebuild the whole business thanks to the recent joint venture with the Marche-based Eli Group (part of Eccellenze Italiane holding/eih, of Marco Marchi, ed.).

How will you develop markets?

Italy, Europe, but also China, are among the strongest players. We have invested heavily on the latter, as we will exploit the potential of being directly present on the territory thanks to our headquarters in Shanghai. After the negative consequences caused by the lockdown, starting from 2025 in particular, we want to bring home important turnovers for the whole apac region, as it is coming back to 2019 levels.

Do you have any new openings planned?

We are studying a new management team in the Us, where we could have some good results. We will open a new store in September, but the location is top secret at the moment. Future plans also include openings in the Middle East, but nothing has been decided yet.

Will there be changes in the sales network?

We want to replicate the Galleria concept that we find in Milan’s Via Montenapoleone boutique, with a focus on the handbag world. We will start with a space in the Dubai Mall, which will be the first to be remodeled for the next fall-winter. Other locations undergoing restyling will include Madrid, Barcelona, Prague, Paris, London, and many others.

What plans do you have for Italy?

After the last opening in Taormina, we will focus on rationalizing and repositioning stores, as we did for example in Pesaro. In Rome, we will redo the store in Via del Babuino with an eco-concept, which will feature a material that absorbs carbon dioxide.

Has the company taken any other steps forward in terms of sustainability?

From 2023 we will publish our first sustainability report, which puts us on par with the best players in the industry. I would like to emphasize that we have always exercised inclusiveness and generosity toward the local area if we think about our Pinko take care manifesto. We take care of the employees and the communities around our company. We are installing photovoltaic panels to achieve energy independence for the factory. The ongoing goal will be to research new green materials for products. (All rights reserved)