Latest news with #NiccolòRicci
Forbes
27-05-2025
- Business
- Forbes
On Tour With Stefano Ricci In India As New Collection Drops
Models on location in Jaipur, Panna Meena Ka Kund during the Stefano Ricci Explorer Project. © Steve McCurry for Stefano Ricci In 1991, a friend of Stefano Ricci told the fashion mogul, 'It is time to think about China.' The pair set off on a trip to gauge firsthand the untapped potential of the mainland: after nearly 20 years in business with his eponymous brand, Ricci looked east. Creative Director Fillipo Ricci, Stefano's son—who now runs the company with his brother CEO Niccolò—tells me this on location in Agra, the first stop on the Explorer Project. The twice-yearly campaign seeks to reimagine how luxury fashion intersects with cultural heritage, sustainability, and the human connection. But more than that it is, as the name suggests, an expression of the brand's pioneering spirit: this time, as it charts a course on the Indian subcontinent. 'Exploration is curiosity acted upon,' said the oceanographer Don Walsh, and the Ricci's have curiosity in spades. The initial departure into China was a brave and almost unprecedented move. Back then, Louis Vuitton was one of the few global fashion companies operating in the country. Ricci, inspired by what he saw, followed suit, opening his first Shanghai store in 1993. It would put him at the vanguard of international luxury groups dipping their toes into the country. A Dior store went up in '94; Prada entered the market the next year, followed by Hermès in '96 and Gucci in '97. Chanel opened a fragrance and beauty store in Shanghai in '93 but its fashion counterpart didn't arrive until '99. Fillipo recounts his first trip to China aged 9. An inquisitive young boy, he soaked up the sights, from the barracks and fortresses along the Great Wall to the imposing Forbidden City that has been home to 2 dynasties of imperial rule. More than these, he was witness to change: 'Back then it was all bicycles. Now China has some of the fastest drones in the world and the highest skyscrapers. Everything is moving at a speed that is really incredible.' Filippo Ricci, Creative Director of Stefano Ricci in the Blue City of Jodhpur, during the SR EXPLORER MISSION RAJASTHAN E UTTAR PRADESH. © Steve McCurry for Stefano Ricci It is a pace the brand has kept up with. China today represents Stefano Ricci's most expensive retail footprint in the world and, from that first boutique selling shirts and ties to Chinese businessmen, the company operates 33 mono-brand boutiques out of its global tally of 80. All this in spite of a broader luxury sector slowdown—and increasingly competitive local market. The house maintains its allure to the country's elite group of ultra-high-net-worth individuals (UHNWI) through a strong tradition of craftsmanship and a distinct approach to consumer relations. There's a Shanghai outpost of its discreet Stefano Ricci club for its community of top-spending clients who spend around €50K-€5 million a year; another is earmarked to open soon in Beijing. A Huamao Centre flagship in the city, opened in 2023, and a boutique within the Ritz-Carlton (a year later) represent other key strategic investments. These are paying dividends. While it doesn't divulge individual regions, overall it closed 2024 with a healthy €233 million revenue. During 2024-25, the company achieved a notable accomplishment: a 3% year-on-year sales increase in China. India's emergence, then—as a new luxury hub and a site for investment—is nothing new for the Riccis, and in the 2010s they opened stores in Mumbai and New Delhi. And, while the clientele there has been 'very close' for over 20 years, its work in the country has reached a new level following, according to Filippo, a significant increase since COVID-19. Sales there now account for 4% of total revenue with much scope to expand. 20% of respondents in the BoF McKinsey State of Fashion 2025 executive survey cited India as a focus market for 2025, while the Knight Frank Wealth Report of March 2024 states that India's population of UHNWIs, with over $30 million in assets, is expected to grow 50% from 2023 to 2028. This would make it the fastest-growing UHNWI population in the world. A model walks in front of the Taj-Mahal by the banks of the Yamuna river. © Steve McCurry for Stefano Ricci Their history is celebrated in the latest biannual Explorer Project, 'Mission Rajasthan and Uttar Pradesh—The Land of Kings and Maharajas.' From Agra, it takes in breathtaking landmarks and locations along the journey to its end destination of Udaipur. On the way there's the Taj Mahal and Fatehpur Sikri, the fortress was built between 1570 and 1573 by King Akbar. Then to Jaipur's City Palace—home to Maharajas— featuring a room entirely encrusted in jewels as well as one in striking blue-and-white. Elephants wander through the Rajput architecture of the Pink City's Amer Fort. The Sardar market of Jodhpur—India's blue city—bustles beneath its iconic clock tower Ghanta Ghar. The majestic City Palace is one of the final stops, with a façade that stretches over 240 meters to dominate Udaipur's skyline. It is a setting like few others and makes for a striking backdrop to the 64 looks that make up the collection: a modern, refined wardrobe defined by the defining qualities and characteristics of the house of Stefano Ricci. Think sophisticated tailoring, ultra-fine knitwear, safari jackets and cargo trousers, duffle bags, ultralight sole sneakers—but it's also a collection that embraces color and print. It feels both vibrant and refined. Produced entirely in Italy, over 140 tailors and artisans work to create these designs through heritage crafts like Florentine leatherwork, tailoring, hand engraving, shoemaking, and silver chiseling. This is slow fashion. And on this point, Fillipo Ricci is steadfast: 'Time is the new definition of luxury.' Even the campaign takes its time. Early morning calls, long transfers by car and often very late finishes, the Explorer Project is a grueling undertaking. It's shot by the acclaimed photographer Steve McCurry, an iconic Magnum correspondent better known for work that captures conflicts, culture, and traditions than contemporary fashion. Still, he treats it with the same rigor he would his other work, shooting the Taj Mahal from a boat on the banks of the river Yamuna (only permissible with government approval). There's another photography team headed by Alessandro Moggi as well as videographres, hair and make-up, talent: it's a tight-knit crew of 22. A model at the Taj-Mahal wearing a 100% Nappa lambskin leather jacket © Alessandro Moggi - Courtesy of Stefano Ricci It's not McCurry's first time behind the lens for the brand but this trip has a special resonance. As a young boy, he was struck by a photo story on the Indian monsoon in Life magazine by the photographer Brian Brake; it has stayed with him. His own work on the monsoons decades later in the 1980s would establish his reputation as a reportage photographer. Since then, he has traveled the Subcontinent several times. On a recce of Johphur's Blue City during the shoot, he bumps into a man who rushes off excitedly only to return minutes later. He's holding a photograph of him as a young boy taken by McCurry 20 years earlier. It is a remarkable piece of work but he remains humble: 'You know, sometimes you recognize the shapes and the possibilities of a situation. And that's what I did there.' It is this eye for a great image that fascinated consultant Terry Garcia—chief science and exploration officer at the National Geographic Society for 17 years—and led him to bring McCurry on board. Garcia heads up a mainstay of the Explorer project: conservation. As part of its ongoing commitment to supporting local communities, Stefano Ricci reached an agreement with the Centre for Wildlife Studies as part of this instalment, focusing on the conservation of tigers in their natural habitat. This model is rooted in science and local action will 'help support studies on human-wildlife conflict in local communities,' according to Niccolò. For the Riccis, the ability to offer such systemic support is part of the benefit of being a 100% privately-owned business. Filipo tells me that yes, it means they must 'fight against the conglomerates and giants of luxury,' but it affords them authenticity. 'It's the beauty of being a family.' The ivory white of the Taj-Mahal was the stunning background for Stefano Ricci's Explorer project © Steve McCurry for Stefano Ricci
Fashion Network
27-05-2025
- Business
- Fashion Network
Italian luxury brand Stefano Ricci would take half the hit of 10% U.S. tariffs
would absorb half of the impact in the case of 10% U.S. duties on European Union imports, its CEO told Reuters, after geopolitical and trade tensions drove revenues at the Italian luxury menswear brand down 3% this year. U.S. President Donald Trump backed away on Sunday from his threat to impose 50% tariffs on imports from the EU next month, restoring a July 9 deadline to allow for talks between Washington and the 27-nation bloc to produce a deal. "I see it as a big poker game ... if there is a 10% increase, we will absorb half, and the other half we'll pass on to the end consumer,", Niccolò Ricci told Reuters on Monday, on the sidelines of the presentation of the 2026 spring summer collection. The family-owned brand, whose suits start at 5,000 euros, posted an increase of roughly 10% in revenues last year, to 233 millions euros. This year it expects revenues to be broadly flat, its CEO said. Ricci said the group was not interested in going public and saw the quality of its products as a defence strategy against the challenge posed by the competition of big luxury groups. "We focus on a super selective distribution and a niche of high-end customers", he added.
Fashion Network
26-05-2025
- Business
- Fashion Network
Italian luxury brand Stefano Ricci would take half the hit of 10% U.S. tariffs
would absorb half of the impact in the case of 10% U.S. duties on European Union imports, its CEO told Reuters, after geopolitical and trade tensions drove revenues at the Italian luxury menswear brand down 3% this year. U.S. President Donald Trump backed away on Sunday from his threat to impose 50% tariffs on imports from the EU next month, restoring a July 9 deadline to allow for talks between Washington and the 27-nation bloc to produce a deal. "I see it as a big poker game ... if there is a 10% increase, we will absorb half, and the other half we'll pass on to the end consumer,", Niccolò Ricci told Reuters on Monday, on the sidelines of the presentation of the 2026 spring summer collection. The family-owned brand, whose suits start at 5,000 euros, posted an increase of roughly 10% in revenues last year, to 233 millions euros. This year it expects revenues to be broadly flat, its CEO said. Ricci said the group was not interested in going public and saw the quality of its products as a defence strategy against the challenge posed by the competition of big luxury groups. "We focus on a super selective distribution and a niche of high-end customers", he added.
Fashion Network
26-05-2025
- Business
- Fashion Network
Italian luxury brand Stefano Ricci would take half the hit of 10% U.S. tariffs
would absorb half of the impact in the case of 10% U.S. duties on European Union imports, its CEO told Reuters, after geopolitical and trade tensions drove revenues at the Italian luxury menswear brand down 3% this year. U.S. President Donald Trump backed away on Sunday from his threat to impose 50% tariffs on imports from the EU next month, restoring a July 9 deadline to allow for talks between Washington and the 27-nation bloc to produce a deal. "I see it as a big poker game ... if there is a 10% increase, we will absorb half, and the other half we'll pass on to the end consumer,", Niccolò Ricci told Reuters on Monday, on the sidelines of the presentation of the 2026 spring summer collection. The family-owned brand, whose suits start at 5,000 euros, posted an increase of roughly 10% in revenues last year, to 233 millions euros. This year it expects revenues to be broadly flat, its CEO said. Ricci said the group was not interested in going public and saw the quality of its products as a defence strategy against the challenge posed by the competition of big luxury groups. "We focus on a super selective distribution and a niche of high-end customers", he added.
Fashion Network
26-05-2025
- Business
- Fashion Network
Italian luxury brand Stefano Ricci would take half the hit of 10% U.S. tariffs
would absorb half of the impact in the case of 10% U.S. duties on European Union imports, its CEO told Reuters, after geopolitical and trade tensions drove revenues at the Italian luxury menswear brand down 3% this year. U.S. President Donald Trump backed away on Sunday from his threat to impose 50% tariffs on imports from the EU next month, restoring a July 9 deadline to allow for talks between Washington and the 27-nation bloc to produce a deal. "I see it as a big poker game ... if there is a 10% increase, we will absorb half, and the other half we'll pass on to the end consumer,", Niccolò Ricci told Reuters on Monday, on the sidelines of the presentation of the 2026 spring summer collection. The family-owned brand, whose suits start at 5,000 euros, posted an increase of roughly 10% in revenues last year, to 233 millions euros. This year it expects revenues to be broadly flat, its CEO said. Ricci said the group was not interested in going public and saw the quality of its products as a defence strategy against the challenge posed by the competition of big luxury groups. "We focus on a super selective distribution and a niche of high-end customers", he added.
