Furla buys back Singapore operations as sales soar
Furla has bought its Singapore operation from its long-term franchisee, Opticsflair after a 15-year partnership.
The move was revealed as the Italian luxury accessories brand announced a 50 per cent growth in sales across Asia-Pacific last year which helped it achieve a record €499 million (US$618 million) in global sales.
Furla said it will now move to expand its Singapore store network from the current 15 it has inherited with the purchase.
Singapore is important to Furla because of the volume of Chinese tourists visiting the city state, and Asia has been a key focus for the business in recent years, now accounting for 24 per cent of group sales.
Last year, Furla bought back its Australian operation and sales have subsequently soared 60 per cent. It is now looking for further expansion there, as well, hinting at a likely move west to Perth.
Furla’s profit rose 34.1 per cent last year on global sales up 20 per cent.
In Japan, a separate reporting division to Asia-Pacific, sales increased by 15.4 per cent, while in its largest region, Europe, Middle East and Africa, sales rose 12.9 per cent and now represent 46 per cent of worldwide sales. US sales increased by 9.6 per cent, now representing 7 per cent of Furla’s total business.
CEO Alberto Camerlengo said reaching €500 million in sales in one year was something the company was very proud of and a motivation to keep evolving.
“The organic sales growth data is the most relevant, as it confirms that the company is on solid financial ground, thanks to the excellence of the brand and the quality of the product and Italian design we offer our customers. The company’s widespread growth across all markets reflects our efforts in further strengthening our distribution network and investing in research and product innovation,” he said.