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Corneliani

From Wikipedia, the free encyclopedia
Corneliani
IndustryFashion
Founded1930; 94 years ago (1930)
FounderAlfredo Corneliani
Headquarters
Mantua
,
Italy
Area served
Worldwide
ProductsMen's tailoring, Classic Italian suits
ServicesFashion production, ready to wear, made to measure
ParentInvestcorp
Websitewww.corneliani.com

Corneliani is an Italian menswear manufacturer best known for its suits and sportcoats. The company distributes its products in over 70 countries worldwide through multi-brand stores and around 90 single-brand boutiques; Corneliani also manufactures and delivers made-to-measure suits worldwide. Its revenue in 2017 was €110 million. Corneliani has been 55%-owned by Investcorp since 2016.

History

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Originally a family-owned firm, its history stretches back to the 1930s when Alfredo Corneliani set up a small business making raincoats and coats, which was then put on hold during World War II.

Alfredo's sons Claudio and Carlalberto later set up Corneliani S.p.A. in Mantua in 1958.[1] In 1985 the company set up Corneliani USA Inc. in New York to distribute its ranges throughout the US and Canada. In 1997 Corneliani opened its flagship store in Via Montenapoleone, in Milan. In 2005 Corneliani received the Leonardo Prize for Quality, awarded by the President of Italy to Italian companies which promote Italian-made goods.[2] In 2008 Corneliani opened a mono-brand boutique on London’s New Bond Street. In 2012 Corneliani Shanghai Ltd was founded and in 2013 a directly-owned flagship store in Shanghai was opened. Today, Corneliani employs 600 tailors, seamstresses and pattern makers in Mantua, which is still where its core products are made.[3]

In 2014, Bill de Blasio gave his inaugural speech as mayor of New York in a Corneliani suit,[4] and the tenor Andrea Bocelli got married in Corneliani suit.[5]

In June 2016, the Bahrain-based investment group Investcorp acquired a 55% stake in Corneliani from the company's family members for $50 million, valuing the company around $100 million. Following this purchase, Carlalberto Corneliani stepped down as CEO of the company.[6][7] In July 2018, Corneliani opened an online retail store in the United States.[8] In November 2018, Luigi Ferrando replaced Paolo Roviera as CEO of the company.[9] In December 2019, Giorgio Brandazza was appointed CEO of Corneliani.[6][10]

In January 2021, after the coronavirus pandemic negatively affected the company's sales, the Italian Ministry for Economic Development allowed it to keep running until April 15, 2021 until a new investor would be found. The Corneliani family still holds 20% of the company.[11]

References

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  1. ^ DeAcetis, Joseph. "How Italian Luxury Menswear Fashion House Corneliani Stays Italiano!". Forbes. Retrieved 2021-03-21.
  2. ^ "Leonardo Italian Quality Prize Winners". Comitatoleonardo.it. 2005. Archived from the original on 2019-04-27.
  3. ^ Beresford, Jessica. "How Corneliani Is Ageing Gracefully | The Rake". therake.com. Archived from the original on 2018-02-02. Retrieved 2020-02-06.
  4. ^ Koblin, John (2014-01-08). "The de Blasios: Dressed for (and by) New York". The New York Times. ISSN 0362-4331. Retrieved 2021-03-21.
  5. ^ "Andrea Bocelli weds longtime companion Veronica Berti". USA TODAY. Retrieved 2021-03-21.
  6. ^ a b Turra, Alessandra (2020-08-07). "Corneliani CEO Sets Relaunch Strategy". WWD. Archived from the original on 2020-08-09. Retrieved 2021-03-21.
  7. ^ "Investcorp Takes Stake in Corneliani". The Business of Fashion. 2016-06-21. Archived from the original on 2016-06-22. Retrieved 2021-03-21.
  8. ^ Turra, Alessandra (2018-07-31). "Corneliani Debuts U.S. Online Store". WWD. Retrieved 2021-03-21.
  9. ^ Zargani, Luisa (2018-11-26). "Another Change Hits Italy's Men's Brands as Corneliani CEO Exits". WWD. Archived from the original on 2018-11-26. Retrieved 2021-03-21.
  10. ^ Zargani, Luisa (2019-12-02). "Corneliani Appoints New CEO". WWD. Archived from the original on 2019-12-03. Retrieved 2021-03-21.
  11. ^ Carrera, Martino (2021-01-27). "BasicNet Seen as Potential Investor in Corneliani". WWD. Retrieved 2021-03-21.
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