MILAN — There’s a new Upim in town. The mass-market store chain founded in Verona, Italy, in 1928, unveiled on Wednesday a 16,145 square-foot flagship on Milan’s Via Marghera.
Coinciding with the opening, Stefano Beraldo, chief executive officer of OVS SpA, which controls the Upim chain, outlined the strategy he aims to set in motion for the retailer.
“When we acquired Upim in 2010 it was a dusty business, which didn’t resonate with the market’s evolution and the growing appeal of fast fashion,” said Beraldo referring to a non-competitive price and sales policy.
Following the acquisition, out of the 140 Upim stores, 70 units were turned into OVS banners. While some were then shuttered, Beraldo stressed the group wanted to preserve some key locations, yet reviving and rejuvenating the retailer at the same time.
The first phase of the restructuring process paid off, as Beraldo noted Upim’s earnings before interest, taxes, depreciation and amortization skyrocketed from a 7 million euro loss in 2010 to 25 million euros to the good this year. Meanwhile revenues are expected to post a double-digit increase in 2019, although Beraldo didn’t further elaborate. OVS SpA has been listed on the the Italian Stock Exchange since 2015.
Now in its second
Coinciding with the opening, Stefano Beraldo, chief executive officer of OVS SpA, which controls the Upim chain, outlined the strategy he aims to set in motion for the retailer.
“When we acquired Upim in 2010 it was a dusty business, which didn’t resonate with the market’s evolution and the growing appeal of fast fashion,” said Beraldo referring to a non-competitive price and sales policy.
Following the acquisition, out of the 140 Upim stores, 70 units were turned into OVS banners. While some were then shuttered, Beraldo stressed the group wanted to preserve some key locations, yet reviving and rejuvenating the retailer at the same time.
The first phase of the restructuring process paid off, as Beraldo noted Upim’s earnings before interest, taxes, depreciation and amortization skyrocketed from a 7 million euro loss in 2010 to 25 million euros to the good this year. Meanwhile revenues are expected to post a double-digit increase in 2019, although Beraldo didn’t further elaborate. OVS SpA has been listed on the the Italian Stock Exchange since 2015.
Now in its second