(Finance) – Renaissance has registered for the first time a turnover exceeding 1 billion euros in 2023up 16% compared to the previous year and 14% on the 2019 results. All product categories grew, with particular focus on the world of luxury accessories (+28%) and beauty (+30%).
Currently, Rinascente operates nine stores in eight cities (Milan, Rome Via del Tritone and Rome Piazza Fiume, Turin, Florence, Cagliari, Palermo, Catania and Monza) and is controlled by the Thai company Central Retail Corporation.
“Central Retail acquired the assets of Rinascente Department Store in 2011, a facility with over 158 years of history in Italy. Since the acquisition, Rinascente has evolved into a luxury department store, continuously refining its operations – commented Yol Phoksasub, CEO of Central Retail Corporation – This transformation resulted in a redesigned layout that harmonizes European heritage with contemporary innovation, introducing new luxury brands and improving the online shopping experience“.
“These goals have led Rinascente to notable success, exceeding pre-pandemic sales and reaching 1 billion euros in 2023, marking growth of over 17% – he added – In particular, theEBITDA grew by 70% compared to the previous year, with Rome Via del Tritone recording a 17% increase in sales, Milan 19% and Rome Piazza Fiume 35% following the renovation. Looking ahead to 2024, all nine Rinascente branches are poised for continued growth, cementing their status as the No. 1 luxury department store. 1 in Italy”.