MILAN — Italian luxury multibrand retailer Coltorti has a latest partner.

NHN Commerce, a worldwide distributor and licensee of brands in the style and wonder sector in South Korea, has acquired a majority stake within the family business, which was established in 1934 in Jesi, in Italy’s Marche region.

Details on size of the stake haven’t been disclosed, however the South Korean group subscribed to a ten million euro capital increase of Ikonic Srl, which is Coltorti’s parent company.

Maurizio Coltorti, who represents the third generation of the founding family and who has led the international expansion of the business, will retain “a big minority stake,” based on the corporate, in addition to the role of director. Managing director Riccardo Bilancioni can be promoted to chief executive officer.

“Investing in an organization like Coltorti represents a singular opportunity for us. We were interested in this firm for its fame in the posh sector but additionally for its ability to have an modern vision of luxury retail. We wish to make sure continuity and development for Coltorti and I’m convinced that because of the superb future prospect I see for this business it should lead us to latest levels of success,” said Yoon-sik Lee, CEO of NHN Commerce.

“This deal will allow us to tackle latest ambitious projects together, intended to innovate the way in which we sell fashion and luxury products,” echoed Bilancioni.

“The goal is to preserve the worth and history of Coltorti, offer our customers an increasingly personalized shopping experience and further strengthen our relationships with luxury brands,” added the CEO, highlighting that the deal “will ensure continuity of the strategic plan” the corporate had already tabled before meeting the brand new partner.

“There’s nothing revolutionary here, somewhat an evolution of Ikonic,” Bilancioni told WWD, right after signing the deal on Wednesday. “The interesting part is that our plan has not been [changed]: what we already had in mind to develop has been totally accepted and valued [by NHN Commerce]. Now we’ve got the understanding to have the resources to appreciate it, plus the confirmation that our strategies were adequate.

“So change will not be what is going to occur from tomorrow onward, we’ll keep doing what we’ve at all times done, that’s guaranteeing the brands’ immersive spaces with engagement tools of shoppers which can be respectful of the brands’ values ​​and at the identical time that enable us to supply a high-end customer journey,” continued Bilancioni.

The plan is to boost Coltorti’s presence online, its brick-and-mortar network and international expansion in addition to overall image and brand equity. The final word, ambitious goal is to achieve 200 million euros in sales by 2027. The retailer, which has 4 physical doors across Italy, generated revenues of about 70 million euros last yr. 

Launched in 2015, Coltorti’s e-commerce accounts for the vast majority of sales, distributing the retailer’s collection of men’s and ladies’s luxury clothes and accessories, in addition to beauty, books and lifestyle products from greater than 200 brands in 102 countries. While Bilancioni didn’t disclose specific figures on online sales, he said these are mainly generated by customers within the Europe, Middle East and Africa region and within the U.S.

The retailer looks to further raise the potential of the platform by leveraging the brand new partner’s expertise in tech. NHN Commerce is a component of the NHN technology group, which has a robust portfolio in businesses including gaming, cloud IT, fintech, digital payments and entertainment contents. Listed on the Seoul Stock Exchange, NHN reported a turnover of $1.6 billion in 2022 and boasts collaborations with corporations reminiscent of Sony, Reebok and Shinsegae, to call a couple of. 

A restyling of Coltorti’s platform will kick off at the tip of this yr and be a part of a broader rebranding, which can be celebrated with an event during Paris Fashion Week in February 2024, also to mark Coltorti’s ninetieth anniversary.

“It won’t be only a stylistic refresh of a banner, but the chance to reconfirm and strengthen our values,” said Bilancioni. “To have a stupendous box of desirable brands isn’t any longer enough. We did a conceptual shift from products to message. And we’ll send out that message with this move.”

It is meant that the rebranding will include a renaming, too. “I don’t have the necessity to have my surname written somewhere,” said Coltorti. “This was already a part of the strategic plan and accepted by the family before meeting our latest partners, because to have a more international profile, a special name — less linked to the family and history — [works better],” he said. “Our sector is experiencing a moment of great transformation and this should be interpreted in one of the best ways: we want to grow to be partners of brands, and we want to have the standing to do this.”

Following the rebranding, the retailer will step by step expand its brick-and-mortar footprint abroad. It is going to plant its first international flag in Andermatt, in Switzerland, in fall 2024, when it should open a 6,458-square-foot location. The goal is to unveil three other units in the subsequent three years, prioritizing high-end resort destinations, said Bilancioni. 

The CEO underscored the brand new stores won’t be mere displays of products but will engage with customers via the implementation of events, artistic showcases and community-building activities. To this end, Coltorti and NHN Commerce look to create a content hub with a dedicated editorial team and artistic curatorship.  

Product-wise, Bilancioni confirmed that “collaborations, capsule collections and personal labels are all included in our strategic plan.”

“The identity of Coltorti is the assortment, the viewpoint on the boys’s and ladies’s wardrobe and objects and on every thing that surrounds our goal client. That is the strength of a multibrand retailer. We’re freer. Now we have to respect the values of brands but, once we employ grace and the facility of creativity, we’re allowed also to stretch them. And that is an exercise this group has been doing for some time, and we’ve got been acknowledged for,” concluded Bilancioni.