Central Retail Corporation (CRC), the country's biggest retailer, has posted record-breaking sales of more than €1 billion in 2023 for its luxury Rinascente department stores in Italy, higher than the pre-pandemic average.
Rinascente Italy posted a sustained increase in sales, registering 17% growth last year. Earnings before interest, taxes, depreciation and amortisation surged by 70% year-on-year, based on undisclosed official figures.
Rome Via del Tritone posted a 17% surge in sales, with Milan at 19%, and Rome Piazza Fiume recording 35% following renovation.
Yol Phokasub, chief executive of CRC, attributed the performance to strong sales following a series of upgrades, refined operations and redesigned layouts to harmonise European heritage with contemporary innovation, new luxury brand offerings, and an enhancement of the online shopping experience at Rinascente.it.
In addition, Rinascente On Demand, an innovative chat and shop service connecting customers directly with Rinascente staff in Italy, ensures the global delivery of exclusive Italian products and services.
"We expect all nine Rinascente branches to continue solid growth, solidifying our status as Italy's No.1 luxury department store," Mr Yol said.
CRC bought the 158-year-old department store chain in 2011 for €205 million (US$291 million), with the goal of taking the brand global within five years.
Rinascente is the only European luxury department store under CRC, operating nine branches across eight cities in Italy: Milan, Rome Via del Tritone and Rome Piazza Fiume, Turin, Florence, Cagliari, Palermo, Catania and Monza.
The chain holds robust partnerships within Europe's luxury sector, establishing itself as a key destination attracting Italian, European and global tourists, generating substantial revenue.