Santoni expects 2020 sales to drop by 20-30 percent from the €83 million posted in 2019 due the impact of the Covid-19 pandemic. The Italian brand of high-end shoes anticipates to resume growing in 2021 but the target of reaching an annual turnover of €100 million within a couple of years will be delayed by a few years, Giuseppe Santoni, the chief executive, told the daily Il Sole 24 Ore.
One of the drivers of the company’s growth will be its direct-to-consumer business. Santoni will open a store in Galleria Vittorio Emanuele, Milan’s iconic shopping arcade, which faces the city’s cathedral, in the first half of the 2021. In a public tender, it offered to pay an annual rent of €589,000 for the 60-square meter store, which was previously occupied by the Italian fashion brand Nara Camicie. The starting price for the tender was €289,000 a year.
Giuseppe Santoni explained that the store will have a large interactive screen and many operations will be achievable without entering the store. “We will have the upmost integration between online and offline,” he added. Santoni also stressed that the store will be different to the brand’s current one in Via Montenapoleone, Milan’s upscale shopping street, because the shoppers are different.
The company continues to build up its online sales, which are doing “very well” partly thanks to the possibility of customizing the colors of the shoes, he added.