Clothing, Teddy opens 150 new stores

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One hundred and fifty inaugurations. They are those envisaged in Gruppo Teddy’s 2024 development plan, which includes the clothing brands Terranova, Calliope, Rinascimento and QB24. A plan that will lead the Group to have a thousand stores around the world at the end of the year or in the first months of 2025. A change of pace compared to the hundred openings recorded in recent years.

«In a year of uncertainties we consider this a satisfactory result – underlines Luca Binci, Development Director of the Teddy Group -. The forecast is 150 openings worldwide and represents a historical record with a slight prevalence of the Italian market.” In terms of employment, a total of around 1,500 full-time jobs will be created, in addition to part-time ones in the hot sales periods.

For the Terranova and Calliope brands, Italy attracts around half of the investments while for Rinascimento it approaches almost 100% of the openings while across the border there have been openings in 17 other markets «and it is equivalent to having carried out the new openings in approximately half of the nations in which our network is present globally” reports Binci. The core business of the clothing group includes both classic retail and wholesale activities.

The Group’s development model focuses on a mix between owned and franchised stores and to support the development of the latter formula Teddy has signed a partnership with Bnp Paribas Leasing Solutions to facilitate access to credit for affiliated entrepreneurs in a long-term perspective. In particular, affiliates can have up to 50% of the total investment allocated to the purchase of clothing. «We continue to focus on our main development drivers which are maintaining the impact of the various geographical areas (the company is present in over 90 countries ed) and currencies in which we operate and maintaining the proportion between corporate and franchise openings” adds Binci. Approximately two thirds of the stores are franchised while this year direct investments of 40 million euros are planned to open around fifty company-owned stores. As regards the medium term, the group expects to maintain the current growth trend with 450 openings in the three-year period 2024-2026.

«The margins for growth and development are wide and we will maintain the same relationship – remarks Teddy’s development director who recalls -. The 2023 turnover of the group with the same network, according to preliminary data, is in line with that of the previous year which ended at 671 million euros”. Last year the openings were concentrated in Europe and the Middle East, focusing in particular on the markets of Greece, Lebanon and the Gulf countries, especially Saudi Arabia.

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