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26 Mar

Giglio.com Posts Strong 2022 Sales, Looks at Further International Expansion

MILAN — Almost two years after luxury online retailer Giglio.com landed on the Milan Bourse, the corporate is trying to further grow its international footprint on the back of strong 2022 sales.

The e-tailer, which is publicly listed on the AIM Italia, the Stock Exchange’s program dedicated to small and medium-size corporations, posted sales of 51.1 million euros in 2022, up 35 percent year-over-year.

“The world has modified, we’re living a rollercoaster since 2020 with the pandemic, store closures, energy supply snafus and a war at the guts of Europe….Luckily we proved resilient,” said Giuseppe Giglio, the firm’s president and chief executive officer.

Since 2015, the corporate has grown at a compound annual growth rate of fifty percent. For comparison, Giglio.com revenues stood at 4 million euros in 2010.

Growth last 12 months was completed across geographies and particularly outside Europe. The corporate generated 70 percent of its sales abroad, with non-European countries representing 50 percent of its total revenues.

The CEO mentioned the U.S. and the Middle East, in addition to Japan and South Korea as among the many best-performing areas, skyrocketing within the double- and triple-digit range. As an illustration, business within the U.S. jumped 40 percent, only partially dented by a contraction in consumer confidence within the last quarter of the 12 months, while South Korea and Taiwan increased 66 percent and 80 percent, respectively.

In 2022, the corporate improved its international user experience, debuting Korean and Japanese versions of its website. “The Far East is where our youngest clients are concentrated, they’re real, digital-savvy Gen Zers embracing our platform via mobile and app,” Giglio said.

Last July it also debuted a Liquid blockchain-based bitcoin used as a token for loyalty programs geared at those geographies.

Giglio touted the general public listing in 2021 as an enabler to its growth.

“It provided us with two pillars,” he said. “On the financial and economic front, it allowed us to ramp up our technological infrastructure to achieve a far-flung clientele.…On the opposite side, it gave us standing. We’re the primary Italian fashion e-commerce player to be publicly listed after Yoox; it allows us to play in a very different league,” he said.

Editorial image from Italian e-commerce player Giglio.com.

Courtesy of Giglio.com

Functioning as a marketplace with around 200 brick-and-mortar stores as partners, mainly based in Italy, along with just a few in France and Spain, amongst other countries, Giglio.com is now seen as an ally quite than a competitor, the chief contended.

“The connection with our partners has been overhauled for the reason that listing….They’re all contributing to our community store which advantages all involved parties, and our conversations with them move from a totally different standpoint now,” Giglio said.

A part of its strength lies in its ability to supply a “monolithic” experience, as the chief put it, providing a cohesive feel and appear that tears down any consumer resistance in buying from fashion marketplaces. It also never compromised on telegraphing an Italian or Mediterranean flair via its website and product curation.

The manager said 2023 will entail a give attention to markets which have been particularly resilient by way of luxury consumption.

“Unlike Western European consumers which are proving more cautious with their purchases, Middle and Far Eastern consumers are feeling less pressure from inflation and the war and have higher spending power. Specializing in those countries will help us lift the typical shopping cart and average receipt values,” he said.

Giuseppe Giglio, president and CEO of Giglio.com

Giuseppe Giglio, president and CEO of Giglio.com.

Courtesy of Giglio.com

Having began the primary e-commerce enterprise in 1996 out of his family company’s stores in Palermo, Giglio looked with caution at the intense uptick in online sales over the pandemic years.

“I don’t think that the shift from brick-and-mortar to online sales is to be attributed entirely to the pandemic. It was more of a generational shift within the goal consumers of our key products,” he said. “Since 1996 the transition has been inexorable, it’s now running faster than ever and the pandemic definitely served as a catalyzer of this process, nevertheless it’s not the direct cause,” he said.

In 2022, the corporate opened a latest logistics complex in Vimodrone, a bit of greater than six miles outside Milan, achieving a discount of about 24 to 48 hours in its shipping time. At the tip of spring this 12 months, Giglio.com will unveil a latest state-of-the-art pole in Palermo covering 75,347 square feet and dedicated to logistics operations and product shootings.

Along with the Giglio.com business, the Giglio family independently operates five physical boutiques in Palermo, Italy — a business that began in 1965.

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