Furla Group has fully bought back its Australian distribution network from Luxury Retail Group (LRG).
Furla said the acquisition reaffirms the brand’s vision of further strengthening its presence in Australia and New Zealand. This year, Furla plans to open five more stores in Australia and New Zealand as well as enlarging the existing Westfield Sydney boutique. By the end of 2017, the brand will have 20 Furla stores in Oceania.
Furla opened its first boutique in Oceania in December 2013 at Westfield Sydney, and now has 15 stores in Melbourne, Sydney, Brisbane and Gold Coast.
Furla Group CEO Alberto Camerlengo commented: “The 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.
“We expect that in 2017 the Australian business will represent 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.”
LRG Managing Director Nelson Mair added: “We believe the timing makes sense for Furla to reacquire its distribution. 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.”
