Iris Shoes is responding to the harsh competition from Chinese firms in the Riviera del Brenta shoe district by investing over €15 million in a new 12,000 square meters facility at Fossò, near Venice. With annual revenues of more than €50 million and plans to reach €90 million for 2015, the Italian company does not seem to be impacted by the crisis. Founded by Giuseppe Baiardo in the early 1990s to produce the Maud Frizon shoe collections, the firm started to sign licensing deals in 1993 with famous brands including Sonia Rykiel, Emilio Pucci, Marc Jacobs and others, for the production and distribution of women's shoes. It currently produces and distributes shoes for Marc Jacobs, Chloè, John Galliano, Michael Kors and Jil Sander. In 2005, it was bought by Gibò Spa, the Italian firm controlled by the Japanese group Onward Kashiyama, a move that strongly boosted its international development. Iris sells 40 percent of its shoes in Europe and employs around 180 people.