Spernanzoni, a family-owned company that trades under the Spernanzoni and Il Gergo brands, is looking for a partner to expand its business internationally. The upmarket Italian shoemaker, located in the Marche region, was created in 1965 by the late Vittorio Spernanzoni and continues to be run by his three children.
In 2017, Spernanzoni posted sales of €2.7 million, half of which came from the Italian market. The company's main foreign markets are China, representing about 15 percent of revenues, and Russia, at 10 percent. The company also generates about a fifth of its revenues producing private labels, such as Jeffrey West.
Il Gergo is the main brand, with sales of €1.5 million, largely generated by two stores in Milan and Rome and a point of sale in an outlet village in the Marche region, called Il Castagno. It also has an online sales platform that contributes some 20 percent of revenues and some wholesale activities abroad, but remains essentially a domestic brand. In September, the company presented Il Gergo for the second time at the Micam show in Milan to promote the brand internationally.
The brand's shoes retail at €200-350. The men's collection represents 80 percent of revenues and women's 20 percent. Il Gergo also offers accessories that contribute 10-15 percent of sales.
The Spernanzoni brand, which specializes in men's shoes and accessories, retails from €300 to over €1,000 per pair with the core of the collection ranging in price from €450 to €700. It has some store corners in Milan and Rome and sells through third-party retailers elsewhere in Italy.
A more international brand than Il Gergo, Spernanzoni has a presence in China and Russia and the company is interested in expanding it in South Korea and Japan.
Over the past two years, company sales have been steady while margins have dropped due to investments carried out to bolster the brands.
The company's general manager, Roby Spernanzoni, who wholly owns the company with his siblings Enrico and Lorella, admitted that attempts to grow have failed and that the firm is seeking one or several partners to develop its international operations. Ideally, the partner or partners would provide distribution capacity abroad, he added, indicating that he would be willing to open the company's capital to a potential investor, even by selling a majority stake.