Velasca, a fast-growing Italian brand of shoes and leathergoods, has closed an investment round of €4.5 million, jointly led by P101 and Milano Investments. A pool of private investors also participated in the capital increase. The company, which gets its shoes made in the Marche region of Italy, will use the cash to expand both domestically and internationally through the planned opening of 10 stores by 2020 and a further 10 by 2022, according to La Conceria. Sixteen of them will be located abroad. The company opened a store in Paris in September. It plans to launch a shop in London and one in New York in the future. At the same time, Velasca plans to reinforce its omni-channel strategy. E-commerce contributed about 60 percent of the total turnover of €5.2 million in 2018, and the rest came from its single-brand stores. Velasca recorded an 80 percent increase in revenues in 2018, generating 30 percent of its revenues abroad, particularly in the French, English and Northern European markets. For 2019, the company is targeting a turnover of around €10 million.

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