A one-of-a-kind pop-up store at Maxfield‘s in Los Angeles. The first show in Paris during fashion week in february-march 2023, where a boutique of more than 350 square meters will open. The goal of developing the women’s business bringing it to weigh around 45% on revenues, constantly growing high double digits and expected to double in the medium term. These are some of the plans of Palm angels, a brand designed by Francesco Ragazzi, who currently owns 40% of the shares together with co-founder Davide De Giglio, while the remaining 60% was taken over by Farfetch in 2021. The occasion to talk about it is the opening, scheduled for today, of the Los Angeles pop-up store, where customers can enjoy a 360-degree experience for three weeks with the opportunity to access special drops including the capsule collection 8 Moncler Palm angels, the one with Moon Boot, the one with Mate Bikes and, finally, the launch of the first high jewelry pieces with Duffy, as Francesco Ragazzi himself explained to MFF.
This project represents a homecoming because its aesthetic starts right from Los Angeles…
Yes, we can say it is a comeback to the roots. However, next level as we like to say, because we go back to where we were born with a developed, growing brand and presenting a specific world of belonging through this retail concept, where in one month we will launch a lot of new projects that have never been on the market. It is kind of a new face of the brand to represent where we are going and who we want to be.
So where are you going and what do you want to be?
I like to say that we are developing a brand of the future that is installed in what we call new luxury with a start-up agility but an established billion-dollar company mentality. We want to grow with the consumer and be a brand mindset for the future.
You were talking about new luxury. In your opinion is this something new in the market?
We already represent something new in the market because of how we were born. We always talk about streetwear, which is a term I like and dislike. We kind of coined what luxury streetwear is that can be represented very well with this idea of new luxury. It is an evolution or conjugating two verbs that seem very distant, but those are the ones that have represented us from the beginning.
So, streetwear for you is more alive than ever?
I have always said, «What is streetwear?» Streetwear is nothing other than what you find on the street. What people actually put on for me is a source of inspiration, but it also represents a snapshot of society, so it means being connected to reality, being concrete basically. We were kind of the first to try to bring the streetwear world into the luxury world and, so far, the market has proven us right.
You have also built your brand on collaborations. Who do you dream of working with?
I think collaborations should serve the brand more than just being used to get the word out. We always try to collaborate with those who represent the best in class in that category and then try to learn from their know-how: from Moncler to Missoni for womenswear to Vans for footwear. They are all important and instrumental in learning and becoming what we want to be. Los Angeles represents a container of all of that a little bit.
Is there any collaboration coming up?
The latest one we are launching is high jewelry. It is like haute couture for us because they are one-of-a-kind pieces that we designed and developed with Duffy, an artisan jeweler in London. They are really unique pieces, super crafted precious gems, gold and silver, and for us it represents that idea of super luxury that a brand like ours needs.
Will it be part of the project with Maxfield?
Yes, it will. We are launching it all in the Maxfield container along with all the unique projects there and it is also a test for us aimed at the Los Angeles market, which is definitely home. However, it can also become a solid base for business.
You started from Venice Beach with your book that was a kind of manifesto for the brand’s aesthetic. If you were to take a snapshot of where the brand is today, what picture would come out?
If I have to represent it with one of my photos in the book, maybe it is a skater who is about to jump, who has started to do some beautiful stunts, however the most beautiful crick is yet to come. That is to give a little bit of an idea of what the beginning of the brand was. However, I think we still have so many opportunities ahead of us and for me the start-up mentality is really too important. Even if we have become a pretty important company in terms of size, for me always having that mentality of speed, of not being afraid, of freedom has to be the basis of everything we do.
Are you going to do anything in Italy?
We have the Milan store, opened in June in Via Verri, which is giving great satisfaction both in terms of business but also in terms of positioning in the luxury market. With many other brands, the Quadrilatero district has repositioned itself and we are creating a lot of traffic.
Where do you produce?
Everything is produced in-house and most of it strictly in Italy. It is very important for us, it is part of the brand matrix. It has always been important to communicate the American attitude with Italian craftsmanship and savoir faire.
How different is it to design for a giant like Moncler and to design for your own brand?
For me designing for my own brand is much more difficult than designing for Moncler… But I treasure the lessons and what you learn from working for other brands. It is important especially for young brands like we are to also have a perspective on what is the established luxury world. Brand recognition is important, it is right to reinvent ourselves. However, we have to create core products and be recognized for something iconic. We are trying to define a Palm angels language and so it is important that it is recognized.
How do you define yourself? Stylist, creative director or photographer?
I do not like definitions so much… Sure, I am the creative director but it is a team game, it is like we are all feeding off each other every day. We are putting the team together and getting bigger….
Where do you see Palm Angels in five years?
Our focus is to grow with the consumers we have and expand our audience. In the boutique we have from the 15-year-old to the 50-year-old consumer. That gives me a lot of satisfaction. One example is the new British Prime minister Rishi Sunak photographed wearing our shoes.
Has relating to other brands helped you in this as well?
Having worked with Moncler for so many years we have realized a few dreams in the drawer. The latest is the down jacket that lights up, which is a crazy project that we had to work so hard on technically. It is one thing to work with a company and have a dream, another thing is to have a team to help you.
Remo Ruffini is the genie of the lamp…
Definitely, as I always say, he is the university I did not go to. Learning is what gives you the energy to go on and do better and better. He has always been a source of inspiration and teaching for me, he also gave me the space to express myself in Moncler and become who I am.
Turnover doubled in 3-5 years with womenswear reaching 45%
A push on womenswear to make them weight 40-45% of the business compared to the current 20%, and three openings planned for 2023 including that of the Paris boutique on Rue Saint-Honoré. Palm Angels grows high double digits with a view to doubling current turnover in the medium term. chief brand officer Stefano Robino explained their next steps to MFF
Will the pop-up store at Maxfield become a new stable concept store?
Nothing prohibits us from planning in the future to implement it in other interesting locations around the world, while always maintaining a certain respect for the local attitude. However, it will always be a laboratory for experimenting with new products and launching new stories.
Where will you open new stores?
We currently have three direct stores. We opened in Miami and Las Vegas, and the market in America is growing a lot in terms of size. The next ones will still be in the US, in South Coast Plaza in october and in New York at the end of may. I think Paris will be the most important flagship store, we will open at 217 Rue Saint-Honoré, one block away from Saint Laurent, by the end/middle of may. It is a very important store with 358 net square meters, and it will enclose a lot of projects.
Are you also working on the collection? Will there be an enhancement and expansion?
The collection is also going in the direction of expanding to new categories opportunities, and we are already seeing that they are performing well. Of course, collaborations also help us gain specific know-hows. We have seen that our consumers are starting to head towards outerwear rather than knitwear, to a higher aesthetic with a higher price point than what it has been until now.
Or?
We have identified current concrete opportunities, such as the sneakers business primarily, as a category our business is still in its infancy. We just launched a shoe that could be an icon of ours for future seasons, it has already found a good sell out.
In terms of sales, how much does apparel weigh?
We are 90% ready-to-wear and 10% split between shoes and accessories.
So there is a lot of opportunity for development…
Exactly, in shoes in general we could get to 30% penetration and today we are at 6%. We have an underestimated potential.
Will a license come for shoes?
No, everything is produced by us internally and we rely on brands for collaborations, see Vans or Missoni which is an important chapter for Palm angels, which is the women’s world that started as a rib of the men’s business by starting to sell unisex items. We started in the last two seasons to have a demand for a more feminine aesthetic, and we are starting to have the first positive signs. We launched a bag called Palm beach and it is starting to have the first positive signs, we are also working to build an aesthetic for this woman that obviously reflects ours.
A woman to be narrated with a fashion show in Paris…
Yes, we are planning to soon confirm our presence in Paris for women’s week with a co-ed show in february/march. We want to reinforce the message… Today men count 80% in total business and women 20%. In the medium to long term, we want women to reach 40-45% of sales between three to five years. If we continue with this performance, there are conditions to double in the short term.
Do you have a business growth forecast?
We cannot reveal numbers. However, I can say that Palm angels in the last five years has been the brand within the group that has grown high double digits and is second in size. The goal is to double in 3-5 years.
At the market level, is there a split on how much the US, Europe, and Asia weigh in?
Right now, Europe is the number one market and weighs 45% of the total business. The biggest markets within the Eu are the Uk, Italy, France, and Germany. The Us, along with Canada, is 25% and Asia 15% with the Middle East at 15%. We plan to increase to 30% in the Us market, decreasing in Europe around 30% and increase in Asia by 25%, which will be the next focus in the next few years.
What is the connection with Farfetch giving you in terms of support in general and, specifically, at the digital business development level?
Having Farfetch as our owner helps us accelerate our digital business. We are a young, digital-driven brand, and the platform helps us reach new markets in less time. (All rights reserved)
Orario di pubblicazione: 10/11/2022 10:24
Ultimo aggiornamento: 10/11/2022 10:52
