On December 16, 2019, Giglio, the historic Italian fashion group (also read here), unveils the online project Community Store giglio.com. The project aims to start a new business model and develop an independent retail community that showcases Made in Italy local examples of luxury excellence and sportswear brands to international markets.
The new project aims to give competitive strength to individual stores across the territory, leveraging the union of excellent products and opening them up to new international consumers. Giuseppe Giglio, president of the the board of directors, who manages the group together with his brother and CEO Federico Giglio, explained how the project will evolve.
How was this project born? You already manage your own e-commerce platform directly. When did you start it and what is its importance when compared to your total revenues?
We started it as we wanted to enlarge the action of our own e-commerce experience we launched in 1996. The aim of Community Store is to involve in this path of constant innovation our many colleagues interested in operating through e-commerce no longer fearing that internet is a threat, rather consider it an extraordinary opportunity.
Did a financing partner enter the project in part or entirely?
The private equity fund Equilybra Capital Partners entered giglio.com with a qualified minority quota in 2019.
How many stores are participating the project?
Are they all Italian or also in other countries?
Most are Italian though we also count a few partners in Spain and France. We are also evaluating some requests from Germany.
What quota do participating stores owe to the platform?
We have a revenue sharing model that requests an all-inclusive 27% commission.
Why should a store choose to participate your network rather than, for instance, join farfetch.com or other similar ones? What differentiates your platform from others?
According to our vision, we are not alternative to any other sales channel. In our model we coexist together with every other channel–both physical and virtual–each of our colleague wants to adopt.
Is your project also involving sportswear brands and specialized sportswear stores? How much do they count on the total activity of Community Store?
The project also involves sportswear players though they represent a minor percentage when compared with our focus on fashion.
How many stores could potentially join your platform within the next few years?
We expect 500 partners to join our platform within the next three years.
What is your website's present traffic rate?
We count 100 million of seen pages in 2019.
What traffic rate could you potentially reach?
This year we have registered six million unique users this year (+65% foreign visitors), according to a trend that has grown significantly during the last years. The investments we planned and the increase of partners will be crucial in defining our growth for next months.