MILAN — The media and commercial success of the capsule with American sportswear label Supreme has convinced Stone Island president Carlo Rivetti to finally take the North American market more seriously. The line debuted for fall and included an outerwear piece, along with some sweatshirts and pants, and garnered a following among celebrities, including Drake.
Rivetti, who has been cautious about expanding the high-end men’s outerwear label in the U.S., revealed that he is working to open the brand’s first store in the market in an undisclosed location in the first part of 2016.
“Finally, I see something new is happening,” said Rivetti. Currently, Stone Island’s collections are sold in only 40 high-end stores in the States, generating about 1 million euros of revenues, or $1.25 million at current exchange.
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While the U.S. offers potential, Stone Island continues to grow in Europe. The company ended fiscal 2014 up 13 percent, to 80 million euros, or $100 million at current exchange rate, compared to 2013. “The EBIDTA is also growing in a proportional way,” said Rivetti, pointing out that, in 2014, earnings before interest, taxes, depreciation and amortization increased 22 percent, to 12 million euros, or $15 million, compared to last year.
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Rivetti also said the brand is growing in markets “where we were already strong,” including the U.K. and Italy, which alone accounts for 35 percent of the company’s total business.
Stone Island also increased its sales in the Netherlands, which is currently the fourth-largest market for the label, while business in Russia contracted.
The company also will expand its presence in northern Europe, where it will open a 1,077-square-foot boutique in Antwerp by the end of the month, and is seeking new locations in Germany, especially in Hamburg and Frankfurt.