Etro is embarking on a new frontier in its luxurious lifestyle offerings by launching its inaugural residential project, marking a significant evolution in the brand’s journey.
The Milan-based luxury brand has established a partnership with Rams Global to curate the interior design for the Tower Rams Beyond, an ambitious skyscraper located in Istanbul, Turkey.
Fabrizio Cardinali, the Chief Executive Officer of Etro, articulated at the company’s Milan headquarters, “While Etro has maintained a strong presence in home decor and interior design for years, this marks our debut into the branded residences arena.”
This new initiative, titled “Etro Residences Istanbul,” is described by Cardinali as a natural progression within the Etro brand family, showcasing the company’s rich heritage and depth of expertise in design.
Since its establishment by Girolamo Etro in 1968 as a textile company, the brand expanded into the Home Collection and Home Accessories in 1981. In 2017, it introduced the Home Interiors line, which was licensed to Jumbo Group, now named Oniro Group.
Oniro Group will work alongside Etro to manage the manufacturing and supply of tailor-made products for the residences. Etro is tasked with the interior design of 37 residential floors within the 40-story Tower Rams Beyond, with each floor covering an impressive 21,600 square feet. This tower, located in the vibrant Maslak neighborhood, promises stunning panoramic views of the Bosphorus, with construction expected to be completed by the fourth quarter of 2026.
The launch of the “Etro Residences Istanbul” project represents a noteworthy step in the company’s increasingly structured and diversified business strategy.
Since joining Etro from Dolce & Gabbana shortly after L Catterton acquired a majority stake in the firm in July 2021, Cardinali has successfully negotiated licenses for eyewear with Safilo; fragrances and home scents with Coty Inc., marking the first beauty license for the Italian brand; and has expanded into children’s wear with Simonetta, a reputable manufacturer.
Cardinali commended creative director Marco De Vincenzo for his collaborative approach, stating that it has facilitated the management of these diverse projects while maintaining a “cohesive and consistent” brand identity. Last year, De Vincenzo introduced his first home and interiors collections for Etro at Milan’s renowned Salone del Mobile trade show, collaborating with New York-based artist Amy Lincoln on the designs.
Addressing speculation regarding De Vincenzo’s potential departure—who joined Etro in June 2022—Cardinali dismissed these rumors, confirming that no creative shifts are imminent.
Furthermore, he quashed rumors concerning L Catterton’s intent to divest, especially as the four-year investment period nears its end, adding that he himself is invested in Etro.
Cardinali emphasized that the Istanbul residences do not constitute a singular endeavor; the company is actively considering additional global collaborations within this sector. He noted the rising significance of branded residences in the luxury market.
He elaborated that the brand’s home collections, although perceived to be quite prominent, currently account for only about 2 percent of overall sales, and he envisions significant growth potential in this area. He noted, “It has an illustrious history but had yet to be fully monetized.”
Last year, during Milan’s Design Week, Cardinali and his team engaged with potential developers to gauge market demand, focusing on the shifts in consumer spending habits over recent years, including an uptick in interest in branded hospitality and transformative experiences.
The feedback was overwhelmingly positive, prompting Cardinali to launch this pioneering venture in partnership with Rams Global, capitalizing on the brand’s iconic paisley patterns and distinctive color palettes.
When questioned about future Etro-branded hotels, he noted, “Not yet, but we are keeping the possibility open.”
Throughout the years, numerous fashion houses, including the likes of the Armani Group, Diesel, and Missoni, have ventured into the residential project domain across the globe.
Rams Global is comprehensive in its investments, spanning industries such as media, tourism, healthcare, mining, furniture, food and beverage, shared offices, in addition to construction and real estate. It has an impressive portfolio consisting of nearly 100 projects covering over 4 million square meters globally and employs more than 25,000 individuals. Alongside initiatives in Kazakhstan and Turkey, Rams Global is also developing a significant mixed-use project featuring 2,000 apartments in Magdeburg, Germany, and is creating vacation experiences in Phuket, Thailand, with the La Green Park Hotel & Residence.
“This collaboration not only brings a global perspective to the real estate sector but also establishes a new benchmark for luxury brand partnerships,” stated Devran Bülbül, CEO of Rams Turkey. “By merging Etro’s exceptional design prowess with Rams Global’s innovative projects and over 36 years of expertise, we aim to introduce groundbreaking advancements to the branded real estate market. Our vision extends beyond Turkey to the international stage.”
Oniro Group, headquartered in Italy’s famed furniture manufacturing city of Cantù, which is just an hour from Milan, is guided by Chairman and CEO Moreno Brambilla. The group has recently secured home licenses with Roberto Cavalli and Gianfranco Ferré.
“We take immense pride in our partnership with Etro, a hallmark of Italian fashion excellence, and Rams Global, a leading and rapidly expanding real estate and development entity. This collaboration marks a new, successful chapter in our strategy for expanding branded residences,” Brambilla remarked. “When three partners of such extraordinary caliber come together, the fusion of talents is bound to create something truly magical.”
Currently, there is one Etro Home store located in Milan’s fashionable Brera district, but Cardinali announced plans to dedicate an entire floor of their flagship store in Tokyo’s Ginza district to home offerings next year. Etro operates a robust network of 130 retail stores, and the bulk of its business is carried out through brick-and-mortar channels. Recently, the brand has opened new locations in Dallas and Houston, as well as in Shenzen at the MixC Mall and Bahrain at the Galleria Mall. Their online platform, managed in-house, also experienced double-digit growth over the past year.
Cardinali recognized that 2024 is expected to be a complicated year, citing that some regions have not rebounded as anticipated. Although reluctant to share precise figures, he noted a significant improvement in the company’s financial performance, marking a return to profitability, even though a slight dip in sales is expected.
Europe remains Etro’s primary market, witnessing double-digit sales growth, followed by positive results in Japan and the U.S.
Emphasizing its commitment to enhancing its lifestyle offerings, Etro has signed a collaboration with the distinguished Aimo e Nadia restaurants and acclaimed chefs Alessandro Negrini and Fabio Pisani for the branding and packaging of their signature “panettone,” the beloved Milanese Christmas cake.
