Fashion
Furla Group announced the buyback of the Australian distribution network from its distributor, Luxury Retail Group (LRG). Furla opened the first boutique in Westfield Sydney in December 2013, and now has 15 stores in Melbourne, Sydney, Brisbane and Gold Coast.
Furla acquires 100% of the distribution network, reaffirming the brand’s vision of further strengthening its presence in Australia and New Zealand. This year, Furla plans to open 5 more stores in Australia and New Zealand, beside enlarging the existing Westfield Sydney boutique: by the end of 2017, the network will be made up of 20 Furla stores.
“Australian market is very important for Furla and crucial in our expansion plan. Since 2013, Luxury Retail Group has been the best key partner to work with as it perfectly embodies the Furla vision, values and DNA: this is the reason why the two LRG directors will remain as board members of Furla Australia” said Alberto Camerlengo, Furla Group CEO, “We expect that in 2017 Australian business will represent the 5% of the global revenues, we are very proud to announce this acquisition. We aim to enhance the distribution in this Country given the success of the Furla retail strategy and the very positive response of Australian customers”.
“We believe the timing makes sense for Furla to reacquire its distribution.” Nelson Mair, Managing Director of LRG also added, “After having achieved 95% sales growth in 2016, this vertical integration of Furla Australia will better equip the business for the next phase of its growth. I am extremely proud of my team and what they have been able to achieve in such a short space of time and thankful to Furla for trusting their wonderful brand to us”.
Furla has a direct presence in 100 countries; with 444 monobrand stores that are split evenly between directly-owned boutiques and franchises. The Company also has distribution in multibrand and department stores in 1,200 international locations.
