Niccolo Ricci, CEO of Stefano Ricci, discusses the luxury fashion industry and the challenges of balancing craftsmanship with mass production. He shares insights into the emotional connection with customers and highlights their success in China. The podcast also explores shopping tips, family succession, and the motivation behind running a family business.
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Quick takeaways
Stefano Ricci's success lies in prioritizing quality over quantity and maintaining traditional craftsmanship.
Despite economic challenges, Stefano Ricci saw a remarkable 44% increase by focusing on value and long-term investment for their clients.
Deep dives
The World of Stefano Ricci: Luxury Suits for the Elite
Nicolo Ricci, CEO of Stefano Ricci, discusses their exclusive luxury suit brand for the rich and famous. The brand, founded over 50 years ago, specializes in made-to-measure suits, shirts, and accessories. Ricci emphasizes the importance of always dressing impeccably and proudly wears his own brand daily. The company has expanded globally, with 78 boutiques in top cities, thanks to Nicolo's focus on efficient operations and understanding the expectations of retailers. Ricci highlights the distinction between real luxury and aspirational luxury, emphasizing quality over quantity. He also stresses the importance of maintaining traditional craftsmanship and training new artisans for the future.
Clientele and Success Despite Economic Challenges
While confidentiality is paramount in the luxury industry, Ricci reveals that they have dressed heads of state and successful business figures, including Nelson Mandela. Their clientele is primarily from China, Europe, the US, and Asia. Despite global economic challenges, including high inflation and supply chain issues, Stefano Ricci has seen a remarkable 44% increase compared to the previous year. Ricci credits their success to a policy of no discounts, ensuring value and long-term investment for their clients. They prioritize supporting smaller suppliers and follow European sanctions while operating in Russia.
Holding onto Luxury in Changing Times
The pandemic brought comfort-focused fashion, but Stefano Ricci experienced a strong demand for high-quality suits and accessories as people returned to socializing and the office. Ricci advises customers to prioritize comfort and feeling good in what they wear, rather than solely focusing on price or materials. The brand aims to create a legacy, taking responsibility for their 800 direct employees and maintaining their craftsmanship. Ricci's children may join the business in the future, but he believes they should first gain experience elsewhere and decide for themselves.
Niccolo Ricci is the CEO of Stefano Ricci, a luxury clothing brand whose suits are worn by the rich and powerful.
The firm was established more than 50 years ago by his parents, and now, Niccolo, and his brother Filippo, run the family business; supplying high-end luxury attire to clients all around the world. It's a brand that counts heads of state and business magnates among its patrons.
In an era of casual fashion, this is a rarefied world where discretion is the name of the game.
Presenter: Leanna Byrne
(Photo: Niccolo Ricci. Credit: Getty Images)
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