Italian luxury brands Brunello Cucinelli and Missoni are set to open their doors at Sydney’s MLC Centre in January, 2023.
It will be the first flagship stores in Australia for both brands, with sites secured by its parent company Graaf Group.
Speaking with Ragtrader, Graaf Group CEO Gennaro Autore said this is the first step for both the brands, confirming that there are plans to open new stores in Melbourne in FY24, as well as Sydney and Melbourne international airports in the future.
Autore said the two Italian brands are not are not new to the Australian market. Missoni products are currently stocked at David Jones, and at some multi-brand stores including Spence and Lyda furniture store in Waterloo. Both brands also sell online to the Australian market.
Speaking on the stores’ location, Autore said it is “not a freeway” like George Street. Instead, it is where people take their time.
“When it comes to the luxury brands, I think that clients want to have relaxed surroundings - where there's no rushing and they can take their time and walk through,” Autore said. We are looking for destinations around the world that are not intense pedestrian traffic.”
Autore said Graaf Group chose Castlereagh Street for two reasons: familiarity with the area and the current luxury retail market. The area includes a variety of high-end luxury retailers, including BVLGARI, Chanel, Gucci, Prada, Montblanc, Christian Dior, Valentina, Dolce and Gabbana, and jewellers store Van Cleef.
“It is one of those streets I describe as the four corners of luxury - so from Castlereagh, up to Market, then George and back to where Cartier is at the moment. That is the area where all the luxury brand are, including those in Westfield.”
Autore said sourcing locations has been a long-term strategy.
“We were searching probably for the past two to three years. So when there was the opportunity, we tried to secure them very quickly, and we were successful as they were in high demand.”
“I think that the aim for the luxury brands is to have a physical presence,” he continued. “All the luxury brands and clients, the target market loves the traditional shopping experiences.
“So what our aim or objective is, is to definitely create proper location focusing on the traditional experience in store, while of course having a digital platform for the online sales.”
Graaf Group is a family-owned group of companies active in real estate, luxury fashion, hospitality, interiors and architecture design services, and media.
Autore said the the key consideration for store openings is location.
“Right now, there is very small availability of sites that are suitable for certain brands,” Autore said. “But we are in continuous negotiation. We have other brands coming up in terms of fashion, but we have secured brands in another arm of the business which is more to do with hospitality."
Autore said Graaf has secured a property in Potts Point for a Michelin star brand called Don Alfonso, opening in 2024 along Finger Wharf.
They also have a “big Japanese brand” that Autore cannot name yet, which will launch next to Don Alfonso.
“In other parts of the business, we are mainly into property - so we always acquire heritage-listed buildings,” Autore continued. “We always focus on heritage. In Naples, our head office is in a 17th century villa, so we have this strong connection with heritage.”