After the relaunch, the consolidation. In five years Maurizio Merenda, CEO of Stroili Oro since 2008, has given new light to a somewhat tarnished chain of stores and completely transformed it: he entered shopping malls, introduced a concept of point of sale, new for the sector, without barriers with the assortment in the window and the price tag clearly visible, he applied the fast fashion business model, which involves a very fast rotation of products, with at least four collections per season. Result? Turnover growing year on year: in 2013 it was 210 billion. Merenda does not want to talk about EBITDA, but banking sources speak of 15-20%. Now, the manager has another goal and tells it exclusively to Gioiellis.com: «We are the only ones on the market to have such a wide offer, from high-quality bijoux, to designer labels, to high-end gold and diamond jewelry, at competitive prices. With these assets we want to become the point of reference in the world of jewelry».
Question: What are the guidelines for the next collections? And how do you offer high-end jewelry at competitive prices? It sounds like an oxymoron.
Answer. The guidelines are the same as always: quality, sensuality and glamour. Our business model comes from fashion, which is also a source of inspiration for creativity. Of course, it is not the only one: design and art have a significant weight, for example we have a collection called Frida, in homage to the Mexican artist, whose exhibition is currently underway in Rome. The connection with current events is essential to grasp and anticipate trends. For the next World Cup, we have created a bracelet in the colors of Brazil for the So Funny line, in silicone and Swarosky crystals. In addition, with 368 stores we have a critical mass that allows us to buy raw materials at competitive prices, even gold and diamonds. But be careful, we produce almost everything in Italy. The only Chinese products are the copies.
Q. In the latest commercial, a man appears next to three foreign models. Not one but four testimonials, is there a change in communication strategy?
A. The payoff «Vèstiti Stroili», is an invitation to women to enhance themselves, to shine with light, which is also reflected in the man at their side, in this case the world swimming champion Camille Lacourt. It is a different message from the previous ones, we have chosen three faces that express different personalities and it is designed for an international audience.
Q. So you are aiming abroad. Is it that you are too exposed in Italy, a market in evident difficulty?
A. The moment is difficult in general, but fortunately we are not experiencing it. Of course, we need to deal with reality and invest as much as possible in the network that already exists. The expansion phase is not over, however, but instead of 30 openings this year there will be four or five. Furthermore, we want to replicate the Italian logic in countries such as Spain and Portugal. The pace will be set by the sell out of the stores. And then there are the United States, with huge potential, and the United Arab Emirates, where we are about to conclude agreements with partners, for wholesale and franchising activities. In these ways we are already present in 21 countries.
Q. Haven’t you thought about going public?
A. You go to the stock exchange when you need money and at the moment it is not a need for us. Who knows, maybe in the future, you never know. Certainly not now.
Q. There has been talk in recent months of a possible entry of new partners (now they are Investindustrial with 31%, 21 Partners and Wise with 10% each and Banca Intesa Sanpaolo with 12%). What is the point of the discussion?
A. At no point, because such a hypothesis has never been considered. I wonder where this news comes from, which I categorically deny.
Q. But the negotiations with Histoire d’Or and Oro Vivo? The mandate to Lazard as advisor?
A. I repeat, there is nothing plausible.
Q. But it is true that you spoke of discontinuity. Can you explain better? Is it in the strategy? In internal management?
A. Well, I have no intention of changing myself, and even less the team that is doing very well. But I don’t even have continuity in mind when it comes to marketing: those who manage to amaze the customer remain on the market. In this case, yes, I am an advocate of discontinuity.
