MILAN, June 7 (Class Editori) — "We will open 15 monobrand stores per year in China for the next five years, starting with 20 stores. We aim at increasing the number of stores in France from 40 to 60-70 stores, as well as in Spain and the Netherlands, and at developing the North American market through two direct distributors in the US and in Canada". These are the growth drivers of Snaidero Group —which has been producing and marketing designer kitchens since 1946 and has become a symbol of Made in Italy’s quality— outlined by CEO Massimo Manelli to MF-Milano Finanzaon the occasion of Eurocucina 2022, an industry exhibition within the 60th edition of the Salone del Mobile in Milan. In July 2018, due to a 110-million-euro debt, the Friuli Venezia Giulia-based Group entered DeA Capital —with the Snaidero family holding a 15% minority stake— which through the IDeA CCR II fund aims to "increase revenues, especially abroad, by 10-15% over 2021, when the turnover recorded 106 million euros, and to exceed EBITDA of competitors at 6-7% (at 4% last year)".
The DeA-managed vehicle was established in late 2017 to manage the turnarounds of companies under financial stress by converting bank loans (UTP) into fund shares and injecting new liquidity. In 2019, IDeA Capital Alternative Funds' first year at the helm, "revenues increased from 100 million euros to 115 million euros, with EBITDA growing from zero to 2.5% of revenues, thanks to a reorganization of the Majano factory, strict cost control and a repositioning of the product toward a higher end of the market, working on the quality of materials as well as a selective distribution strategy," Manelli further explained.
In 2020 due to the pandemic, revenues and EBITDA decreased to 95 million euros and 0.5%, respectively, to then rebound last year to 105 million euros and 4% despite energy price increases and the sale of the German brand Rational to the Chinese Bravat, a brand that made up nearly 16% of 2019 revenues. "2022 is off to a strong start, with the order book up by 20% and revenues up by 12-13% despite expensive raw materials and overall uncertainty," the top manager added. "The recipe? Upwardly adjusted price lists, but less than the cost increase we have taken on. For a quality brand like Snaidero, whose revenues come 65-70% from abroad and 30-35% from Italy, demand is non-elastic".
(Source:Class Editori)
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