Italian luxury brand, LORO PIANA known for its production of cashmere products and textiles announced a 21% growth in its turnover for 2010, compared with 2009 reaching a level of 480 million euros. The company estimates that its turnover in 2011 will exceed half billion euros. CEO Pier Luigi Loro Piana indicated that 67% of the company’s turnover is now made through finished products, the rest being textiles, with the objective of reaching a percentage of 75% this year.
Explaining the retail strategy of the company, Mr Loro Piana advised that the company has been increasing constantly its international presence mainly through directly operated stores (132 directly operated stores worldwide). For Loro Piana, China, with 5 stores has already outperformed Japan and the trend will continue. Surprinsingly, Loro Piana sales in the Middle East and North Africa, including Turkey grew by 9%.
When asked about the key to success and the guiding philosophy of his company, Mr Loro Piana quoted ”research for the ultimate quality of products and materials” as being crucial.
Earlier this year, Loro Piana held in Istanbul its traditional annual World Wool Challenge Cup, awarding once again the finest bales in the world. The winners this year were bales from Australia and New Zealand. This unique competition is the perfect showcase of Loro Piana’s strategic approach to quality of materials, the company buying the best available woold worldwide.
Loro Piana’s finest cashmere comes from China and Mongolia, especially the baby Hircus goats, the fiber being gathered by means of harmless combining procedure which is done once in the life of the goat, before the kids are 12 month old.
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