How Stefano Ricci outperformed luxury

For most luxury brands today, success often hinges on who can shout the loudest through online virality or teaming up with the latest celebrity du jour. But Florentine-born, family-owned label Stefano Ricci prefers a quieter approach – an ethos that has transformed the brand into a formidable force in fashion. This week, the luxury menswear label chose subtle sophistication over spectacle, unveiling its Fall/Winter 2025-26 collection collection against the medieval backdrop of Tuscany's five-star Castelfalfi resort – where it also debuted the exclusive “La Rocca Penthouse” suite, the largest designer residence of its kind in the region. “We wanted to represent our DNA [in Castelfalfi] and bring the essence of Tuscany to our audience,” says Niccoló Ricci, son of Stefano Ricci and CEO of the brand. Drawing inspiration from the indigenous Inca people, their unique architectural prowess, and Peru’s striking landscapes, the house’s new collection marries the art of ancient textile practices, such as quipu, a communication tool made of knots used by Andean communities to store information, with modern Italian finesse. Channeling the spirit of the modern traveler, technical down jackets are elevated through cashmere sweaters and calfskin leather mountain boots. While functionality anchors the entire collection, the brand champions its tailoring in the form of fitted-to-precision polo shirts woven from silk and the rare vicuna (an animal native to the Andes Mountains) wool. Formalwear also takes a starring role, with wool Fiesole suits polished off with 18K gold diamond cufflinks and sumptuous leather loafers. Less product, more experience Unhampered by the ongoing luxury downturn, the Stefano Ricci label stands as an outlier. The brand has eclipsed the growth of competitors, recording revenue of 215 million euros ($232.5 million) in 2023, a 43% YoY increase. “The luxury world is currently not in a happy place, but we’ve been able to succeed this year,” says Niccoló Ricci. A house synonymous with Italian refinement, Stefano Ricci’s success stems from more than just exceptional craftsmanship; the label has been aligning itself with the passions of its ultra-wealthy clientele in its five decades of operation – notably, their penchant for exploration. “Our VICs (Very Important Clients) don’t just need another suit, they need an experience,” Niccoló Ricci adds. “They need to spend time and learn something, which is what we’re trying to offer.” “Our clients are generally very dynamic, independent, powerful men who love to experience the world and love to conquer the world,” creative director Filippo Ricci told Jing Daily last year. “He is challenging himself to projects dedicated to nature, exploration and luxury. And these days the real luxury is being able to have remarkable experiences.” A China success story When reflecting on the brand’s success, Niccoló highlights China as a key growth engine. Last year, the house more than doubled sales in China, posting a 113% YoY surge. The brand’s ascent has been bolstered by the mainland’s “quiet luxury” boom, with Stefano Ricci cementing its place as a torchbearer in the coveted category. While this year has seen some setbacks, Niccoló Ricci remains unfazed by the dip. “We’re still investing a lot [in China],” he says. “We’re looking a lot at second-tier cities for our next store openings.” Niccoló Ricci notes that the label has remained on a steady upwards trajectory in Hong Kong since 2022. The maison is also preparing to unveil two new lounges in Beijing and Singapore, where a curated selection of Stefano Ricci’s exclusive vodkas, gins, and whiskeys, each crafted in collaboration with some of the world’s finest distillers, will be on offer. Stefano Ricci’s global success owes much to its strategic expansion into emerging markets such as Azerbaijan, Uzbekistan, the Philippines, and Cambodia, while strengthening its foothold in established wealth centers like Dallas, New York, Singapore, and Beijing. Its roots in China run deep. Founder Stefano Ricci set the stage in 1993 with the launch of the brand’s first store in Shanghai, positioning the Italian menswear label to capitalize on China and the rest of Asia’s sweeping economic transformation. Part of its strategy involves putting down roots in China’s well-heeled locales. The label recently opened its first-ever duty-free store in Singapore’s Changi Airport, alongside its Beijing store in China Central Mall, which is one of Stefano Ricci’s largest boutiques in the world. Meanwhile, its Hong Kong boutique continues to perform well, and business in Macau is starting to snap back. Mounting competition Though it’s defied this year’s luxury slump, the brand can’t rest on its laurels. Competition remains stiff and is intensifying, with rivals like Brunello Cucinelli and Loro Piana reporting strong performances this year. Lemaire, another quiet luxury contender, is also gaining traction. On November 12, it debuted its first physical store in China at Chengdu’s Taikoo Li, building on the success of its Tmall flagship launched in 2022. With Chinese consumers embracing understated, practical luxury from international labels, Stefano Ricci faces increasing pressure to stay ahead. But certain elements set Stefano Ricci apart from its peers. Take the “Explorer” expedition series, launched in 2022, which has taken the brand from the black sand beaches of Iceland’s Reykjanesbær to the heart of the Galápagos Islands. Inviting its clients to follow along on the journey, the series has given the label a distinct identity in a world thronged with cookie-cutter luxury playbooks. Niccoló Ricci highlights the power of personal connection, describing how Stefano Ricci fosters loyalty among its VICs. Both he and his brother Filippo are known for sending heartfelt birthday messages to clients, and even extending invitations to select high-spending customers to visit the Ricci family properties – an intimacy rarely seen in luxury retail. He also points to the brand’s restrained approach to pricing, noting that since the pandemic, increases have been kept to a modest 5% to 10%. Then there’s its steadfast refusal to offer discounts. “It’s not about offering our customers the option to buy more products at a discount, it’s about showing them real quality pieces,” Niccoló Ricci says. It makes sense, considering what captivates Stefano Ricci’s clientele isn’t slashed price tags, but something far more intimate: family, friendship, loyalty, and generational talent. That bond is what keeps the brand name alive, says Niccoló Ricci. “What is the secret? I think the secret is to be loyal,” he adds. “Not just our clients being loyal to us, but us remaining loyal to them.”

How Stefano Ricci outperformed luxury

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Published November 28, 2024

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How Stefano Ricci outperformed luxury