The global age of Morellato, now sprinting on foreign markets and on digital-Corriere.it

«PrNext step is AI, artificial intelligence. Also in jewellery: after all, we have always been an innovative company and this very DNA has been the key to success», he anticipates The Economy Massimo Carraro, at the end of a very positive year for the Morellato group of which he is president and CEO. “After all, it is innovation that has made us more competitive,” he adds.
The most important Italian jewelery and watchmaking hub, world leader in the watch strap sector, today has a turnover «780 million after the acquisition of the German Christ Group. Which projects us into a more global dimension, with a turnover that is now 71% generated abroad. And it allows us to reason for great synergies».
Where does AI come into play?
«With Christ, very strong in ecommerce, we will have the opportunity in the coming months to integrate the digital platforms of the various brands of the group that already operate according to an omnichannel logic. But we understood that, having so much data available, it is useful to invest in artificial intelligence to be able to interpret them. Thus, between now and 2024 we will bet eight million on integration and AI».
The group means Morellato but also Philip Watch, Sector No Limits, Lucien Rochat, Favs, Live Diamond, Oui&Me, La Petite Story, Chronostar, Bluespirit, D’Amante, Christ, Cleor… We can speak of a jewelery pole , like the French poles of luxury?
«There are similarities even if I prefer to think that we have a similar idea to Luxottica or Calzedonia».
Pure Damiani in jewelry, with various acquisitions, moves on a similar terrain…
“True, but I prefer not to talk about the competitors.”
What’s the strategy now?
«Working in the direction of a great integration of the supply chain, we are the only group in the sector to manage from the mine, to the creation of the jewels and up to the consumer. A plus not only in terms of synergies but also of traceability and ultimately sustainability: we are able to present a sustainability report with ESG objectives and we are in the heart of the certification process by the Responsible Jewelery Council, which could at the end of the year. Not to mention that Live Diamond jewels are made only of 100% recycled gold».
First in Italy, with Live Diamond, you have also bet on lab-grown diamonds, made in the laboratory. Like De Bears, a moloch in the sector, with the project of the Lightbox subsidiary. Ambitious?
«To tell the truth, we have ventured into lab-grown diamonds which, rather than being made in the laboratory, have grown in the laboratory, starting from fragments of natural gems, even before De Bears. And we too, like them, rely on laboratories in the UK. We have also successfully launched our IGI International Gemological Institute certified diamonds, rubies, emeralds and sapphires in Germany. For now, Live Diamond is worth a few percentage points of turnover, but it is also one of the fastest growing areas».
Sales?
«This year it reached 392.5 million, plus 17% on a like-for-like basis without considering the impact of Christ Group, and combined with that of the German group acquired it is worth 780 million. Net financial position of 204.6 million euros and all markets recorded double-digit growth compared to the previous year. German consumers, attentive to intrinsic quality and value for money, greatly appreciate the Christ product, now part of the Morellato Group. Because synergies, our control of the entire supply chain, allow us to create better products at more competitive prices».
And what does that mean in terms of showcases? Venice, where it all began in a shop overlooking Piazza San Marco, under the Clock, remains in the heart of the company, but the scope is now global. Where, and how much, will you invest in the coming months?
«In 2022, with the Christ and Pierre Roux operation, which multiplied the brands, we invested over 250 million and this year we will continue to invest another 40 million in new shops. With the acquisition of Christ, the new German brands Christ, Brinckmann&Lange and Valmano together with the most important European ecommerce platform in the sector, join the French chains Cleor, Noélie and Pierre Roux and the Italian brands Bluespirit and D’Amante. A total of 620 windows: 260 in Italy, 160 in France and 200 in Germany, with a unique digital presence in Europe in the multi-brand retail of watches and jewellery. With new investments for the next few months in relocation and restyling of existing stores or new openings: 16 new stores in Italy, for example two at the awaited new shopping center in Cascina Merlata in the Milan Expo area, but also 15 new openings in France and 4 in Germany where, for example, we are already at Terminals 1 and 2 in Frankfurt and we have two major openings in sight, one in Ingolstadt and a second near Frankfurt. We expect to have approximately 655 direct stores in 2024, at the close of the financial year in February.
Which other countries will you head to?
«I think there are opportunities in Eastern European countries, such as in Poland, and then in the Gulf area: we have recently opened the Italian Luxury Mea branch, based in the heart of the Dubai Design District, the same building as D&G, to serve the Middle East, from Saudi Arabia to Qatar».
Then there are the licensed brands: from Maserati to Chiara Ferragni and Trussardi. First to play the card of jewelery which becomes fashion, and vice versa, a highly topical theme today with all the fashion houses expanding to include jewellery. What new projects do you have?
«A great launch to bring Chiara Ferragni’s jewels to China where we already have a sales office and where we are preparing an operation in grand style for the next few months. With great expectations.”
Today the group has 4,416 employees worldwide, 85% women.
«Women are 50% of top management, three out of seven on the board. They know how to be innovative, just like Morellato».
Cristina de’ Stefani, his wife, is in fact CEO of Morellato Group Finance & Corporate Affairs, with her brother Marco Carraro, CEO of the group’s Supply Chain: family business by definition, and they don’t always stand the test of time.
“We are lucky.”