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Milan Design Week kicked off yesterday, and Italian luxury house Missoni is making a case for the homeware category.
The retailer debuted a new outdoor, tableware, and leisurewear collection this week it’s calling “pleasure wear,” adding another notch to its burgeoning home category. The collection features jigsaw motifs and geometric shapes, in line with the brand’s affinity for vivid colors and patterns.
Missoni’s home category sales were up 16% YoY in 2022, reaching 32 million euros, CEO Livio Proli told WWD. The company’s consolidated turnover grew 10%, to 115 million euros (~$126 million).
Big picture: Missoni’s home growth is indicative of a larger rise in the luxury home category, as brands like Gucci, Dior, Versace, and Louis Vuitton also continue to invest in the category.
- The global luxury furniture market, which in 2021 was valued at $28.79 billion, is likely to hit $41.82 billion by 2030, according to a March 2022 report from Strategic Market Research.
- Regionally, Europe accounts for the majority of the boost in the segment, followed by North America, while Asia-Pacific is projected to see the fastest growth.
And retailers like Missoni are fully preparing to leverage this growth. Its Missoni Resort Club project is bringing the brand's fabrics and decor to luxury resorts in places like Portofino and the Maldives.—JS