Baldinini has decided to stop its costly investments in the U.S. market, which it had attacked a few years ago in an effort to diversify geographically from the volatile Russian market, which still represents around 80 percent of its annual turnover of around €100 million. The Italian company will close down all the 10 mono-brand stores it had opened in the U.S., most of them at prime locations where rents were too high to support the turnover.
In contrast with other Italian footwear brands, Baldinini says it raised its sales by about 20 percent last year in Russia, where its brand name is well-known and where it has 120 stores. For Baldinini, the new frontier is China, where for the moment it has only ten stores.
While offering a more affordable line of shoes from September, the company also wants to strongly develop its online sales operations. They generated a turnover of about €10 million in 2018. The president of the company, Jimmy Baldinini, wants online revenues to reach a level of €50 million worldwide in three to five years.