Luxury label Il Bisonte has come a long way from a family-owned retailer to a landmark flagship store in Harbour City which opened this month. Il Bisonte may not be the first Italian brand that comes to mind, but this artisanal leather label has been in existence for more than 50 years, heralding from Florence. For 20 years, the brand was distributed at a nifty mom-and-pop store in the neighbourhood mall of Heng Fa Chuen and had acquired a loyal following from local residents.
In 2015 British private equity firm Palamon Capital Partners acquired Il Bisonte, seizing back full control from franchisees to begin direct selling. The new owners recruited Sophia Ciucchi from Italian luxury house Salvatore Ferragamo, appointed her CEO of Il Bisonte and charged her with revitalising and reawakening the sleeping brand.
Proving her success, Il Bisonte has just been sold to Look Holdings Inc for €100 million.
Originally operating under a wholesale model, Il Bisonte has its footprints on a global level at renowned department stores and through local distributors.
“A couple of years ago, Japan represented 80 per cent of our sales,” explains Ciucchi. “At the end of last year, it was reduced to less than 50 per cent because the rest of the word was growing so much faster.
“Europe and the Middle East have made a high contribution and the US is also growing. So, I think it’s a question of rebalancing and making our brand more international in the rest of Asia and the US.”
For a long time, Il Bisonte has largely been focusing on developing its presence in the US, Europe and Japan and only now has it decided to re-enter Hong Kong with a strong foothold of the market.
Now with a new flagship at Harbour City, Il Bisonte is also guaranteed strong exposure to Mainland Chinese shoppers ahead of a planned store roll out on the mainland.
“Hong Kong is a strategic market for Asia, especially China and other Southeast Asia markets,” said Ciucchi.
The business in Hong Kong is headed by retail manager Charles Lo, who says the company’s initial location at IFC mall ensured high visibility and established a strong market positioning in the territory. That drew approaches from other mall operators wanting the brand in their properties.
