Cucinelli Champions Multibrand Retail but Warns of Digital Identity Crisis

Brunello Cucinelli recently shared his insights at the NE(x)T Retail – The Future of Multibrand between Continuity, Transformation and Made in Italy conference. Organised by Camera Buyer Italia in collaboration with the Ministry of Enterprises and Made in Italy, and under the patronage of Camera Nazionale della Moda Italiana, the event served as a platform for Cucinelli to both commend and constructively challenge the multibrand retail sector, particularly concerning the crucial alignment between physical and digital identities.

The esteemed Umbrian entrepreneur opened by expressing profound gratitude for multibrand retail, highlighting its foundational role in his journey. “I grew up with multibrand retail; until 30 years ago, that was the business, and even today we generate 40% of our sales through the wholesale channel,” Cucinelli stated. He recalled a pivotal moment 40 years prior when Barney Pressman, founder of Barneys New York, discovered his jumpers at Pitti Uomo, an opportunity Cucinelli described as a "dream" that launched his brand onto the international stage.

Cucinelli went on to laud multibrand retailers as "true guardians of the brand." He emphasized their invaluable role in providing feedback, helping companies understand if collections are contemporary and interesting through their discerning eye. Beyond mere sales, he noted, “Your stores are a source of inspiration for us: when we prepare the collection for one of our single-brand stores in a particular city, we look to the finest multibrand stores in the same city for inspiration.” He acknowledged their enduring legacy, often spanning many years, describing them as synonymous with culture and architecture, and asserting that working with them is "a mark of prestige."

Despite such heartfelt praise, Cucinelli also voiced significant concerns, primarily surrounding the digital transformation. He described the advent of the web as a "delicate moment," observing that while a physical store intrinsically conveys a brand's essence, this is far more challenging online. “In my view, multibrand retailers need to establish a stronger identity online, as they have in physical stores,” he urged. He acknowledged the high turnover generated by e-commerce but questioned its profitability, warning that the risk lies in potentially losing one's unique identity in the digital space.

Concluding his address, the cashmere entrepreneur issued a clear call to action for multibrand retailers. He reminded them of their rich history and intimate knowledge of their customers, which informs their buying decisions. Cucinelli implored, “Show us, as companies, that even when you sell online you remain consistent with your identity.” He envisioned a future where the digital storefronts of multibrand retailers would be a faithful and beautiful reflection of their revered physical boutiques, ensuring their unique character and heritage translate seamlessly into the online realm.