Piquadro’s reshoring is also benefitting profits. In the last period the Scandicci-based group moved the entire production of Lancel to the area. Even the admiral brand brought back certain activities it was doing in Asia. Today 70% of the production of the group led by Marco Palmieri is made in Italy. A percentage destined to increase with the years, considering the values of made in Italy manufacturing, among which are ethics and sustainability. Reshoring doesn’t appear to have weighed on the group’s financials. In fact, Piquadro closed the fiscal year on March 31st 2023 with a profit up 46%. Palmieri’s explanation (in photo) to La Conceria.
Piquadro’s reshoring
“For 20-30 years we suffered China. But now if we put ethics and sustainability on the plate, Italy has a good hand to play. An example? Italian employees nearly have schooling and healthcare for free. How much is this worth? The more sustainability norms become stringent, the more Italy benefits”, says the CEO of Piquadro, at Pitti. According to Palmieri, the increase in GDP in Italy is also due to the reshoring process, which was accelerated by the pandemic, “which caused manufacturing and logistical difficulties”. Beside, of course, from the challenges caused by the war. “From here, the updated need to make production chains short, local and near”.
Flexibility, speed, creativity
The reshoring process also involved the group headquartered in Silla di Gaggio Montano (Bologna). “As of today, 70% of the products made by Piquadro are made in Italy”, states Palmieri. Because if the production chain of The Bridge was always Italian, Lancel’s was transferred to Scandicci. Some processes also returned to Italy for the Piquadro brand, after having been located in Asia. “But only the simple ones, because the more complicated the products are, the more time one needs to make them and thus less convenient it is to make them in Italy – points out the CEO -. Advantages of the made in Italy industry? Flexibility, creative speed product development. Higher costs? No doubt, but Lancel’s positioning is coherent with the made in Italy concept”.
Financial results
Meanwhile, the group closed a solid year. Revenue reached 175.6 million euro, +17.5% on the previous year. The revenue of Piquadro reached 76.2 million euro (+18.7%), The Bridge 31 million (+23.4%) and Lancel 68.3 million (+13.7%). Profits equaled 6.5 million, up 46%.
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