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Grupo Cortefiel begins expansion in Italy
24 Sep '10
2 min read
Grupo Cortefiel's expansion strategy for Italy is now in full flow following the opening of its own sales spaces in department stores operated by Gruppo Coin. This latest venture is part of the Group's global expansion policy, which will include further openings in new countries, thereby completing its presence on Europe's major markets.
These openings are the first phase in Cortefiel's collaboration with Gruppo Coin, owners of Italy's leading chain of department stores with a total sales surface area of 120,000 sq. m, situated in the country's prime shopping areas. This alliance will ensure the Group's faster and smoother expansion in key markets such as Italy, and to further consolidate its position as an international company, currently present in more than 60 countries.
Grupo Cortefiel's sales formats will be situated in the Coin department stores. Women'secret has already opened the first of these spaces in the city of Mestre, and was followed shortly after by Springfield spaces in Genoa, Piacenza, Vicenza and Pordenone.
Juan Carlos Escribano, Grupo Cortefiel's CEO, explained, “Our Springfield and women'secret brands are now in more than 60 countries, and expansion into Italy, which holds a key strategic position in the fashion world, was crucial for our future growth. Our agreement with Coin is a formula that requires less investment and represents a lower risk for the development of the Group's brands in new markets.”
Italy is a challenging market for new entrants with numerous entry barriers due to the structure of the retail industry and its complex real estate market. Therefore, the Cortefiel Group opted for an alliance with a major Italian group. One of the greatest advantages of working with a firm of the standing of Gruppo Coin is its extensive commercial network, with over a hundred points of sale in Italy and abroad, together with its proven experience and solid position on the local market, guaranteeing customers. These are all key advantages when entering a new market with brands that are still relatively unknown.
Grupo Cortefiel, a leading name in the fashion industry, has a sales network of more than 1,600 stores. Its four chains – Cortefiel, Pedro del Hierro, Springfield and Women'secret - are present in more than 60 countries.
These openings are the first phase in Cortefiel's collaboration with Gruppo Coin, owners of Italy's leading chain of department stores with a total sales surface area of 120,000 sq. m, situated in the country's prime shopping areas. This alliance will ensure the Group's faster and smoother expansion in key markets such as Italy, and to further consolidate its position as an international company, currently present in more than 60 countries.
Grupo Cortefiel's sales formats will be situated in the Coin department stores. Women'secret has already opened the first of these spaces in the city of Mestre, and was followed shortly after by Springfield spaces in Genoa, Piacenza, Vicenza and Pordenone.
Juan Carlos Escribano, Grupo Cortefiel's CEO, explained, “Our Springfield and women'secret brands are now in more than 60 countries, and expansion into Italy, which holds a key strategic position in the fashion world, was crucial for our future growth. Our agreement with Coin is a formula that requires less investment and represents a lower risk for the development of the Group's brands in new markets.”
Italy is a challenging market for new entrants with numerous entry barriers due to the structure of the retail industry and its complex real estate market. Therefore, the Cortefiel Group opted for an alliance with a major Italian group. One of the greatest advantages of working with a firm of the standing of Gruppo Coin is its extensive commercial network, with over a hundred points of sale in Italy and abroad, together with its proven experience and solid position on the local market, guaranteeing customers. These are all key advantages when entering a new market with brands that are still relatively unknown.
Grupo Cortefiel, a leading name in the fashion industry, has a sales network of more than 1,600 stores. Its four chains – Cortefiel, Pedro del Hierro, Springfield and Women'secret - are present in more than 60 countries.
Grupo Cortefiel
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