While many luxury brands have reported disappointing numbers in 2023 and 2024, Stefano Ricci stands as a remarkable exception.
With record revenues of €215 million ($232.5 million) in 2023 — a 43% increase compared to 2022 — the brand has eclipsed the growth of practically all competitors. Amid market slowdowns and geopolitical uncertainties in 2024, Stefano Ricci has achieved an additional 10% growth.
This remarkable success warrants a closer look at its drivers. I recently had the opportunity to spend time with the Stefano Ricci team in Cambodia, where CEO Niccolò Ricci, his brother Filippo, the brand’s creative director, and their star photographer Steve McCurry embarked on the fifth mission of the Stefano Ricci Explorer Project. The project speaks volumes about what makes the brand successful.
Superior brand storytelling#
The success of every luxury brand hinges on its brand story and the emotions it inspires. Stefano Ricci’s Explorer Project epitomizes superior brand storytelling, seamlessly blending exploration, creative artistry, and impeccable execution.
The fifth mission of this project took the brand to Cambodia, where veteran photographer Steve McCurry captured the latest collection against the stunning backdrop of Khmer temples, jungles, and the Mekong River.
“This was more than an experience; it was a main chapter of life,” McCurry said, encapsulating the profound emotional journey that defines the Explorer Project.
“Don’t reject the crooked road, and don’t take the straight one. Instead, take the one traveled by the ancestors.”
The initiative goes far beyond a marketing campaign. It reflects the brand’s and the Ricci family’s core values and creates a deep, immersive experience that connects the brand with its audience on a personal and emotional level. Filippo expresses his philosophy by citing a Cambodian proverb:
“Don’t reject the crooked road, and don’t take the straight one. Instead, take the one traveled by the ancestors.”
He adds, “Cambodia is a land of ancient emotions. It evokes a sense of familiarity, as if we had visited these places before in another lifetime.”
Embracing authenticity and heritage#
Stefano Ricci’s approach is deeply rooted in authenticity and a genuine respect for heritage, culture, and the lands the brand is exploring. In Cambodia, the project extended beyond the ancient temples to the Kulen Elephant Forest, a sanctuary for elephants retired from labor. Photographing these majestic animals was a highlight of the mission for McCurry and a deeply touching experience.
Niccolò states, “It is with pride that we announce the agreement with the Wild Earth Allies. The project in Cambodia involves the reintegration of Asian elephants into their natural habitat, the training of personnel dedicated to monitoring these specimens and the reforestation of degraded areas by planting 5,000 trees.”
The latest Stefano Ricci collection draws inspiration from Cambodia’s rich cultural landscape. The colors reflect the natural tones of the earth, the vibrant greens of the forests, the ancient grays of the Angkor temples, and the tranquil blues of the Mekong River. Crafted from natural fibers such as cotton and cotton-linen blends, the garments embody elegance and functionality and are designed to withstand extreme weather conditions.
The collection seamlessly fuses tradition and innovation, with every item crafted in Italy to the highest standards. Evening outfits feature exclusive textiles from Antico Setificio Fiorentino, adding a touch of Florentine elegance.
A model for the luxury industry#
Niccolò attributes the brand’s success to a strict focus on the high-end sector and fine tailoring, combined with a strategic long-term view that prioritizes brand, logistics, and an expanding distribution network. This approach has allowed the brand to thrive even in challenging times.
As I observed firsthand with the team, every aspect of Stefano Ricci’s operations is infused with a dedication to excellence. This attention to detail is evident in all parts of the brand, from the design of the garments to the execution of their marketing campaigns and in-store experiences. It is this commitment to brand storytelling at every touchpoint that sets Stefano Ricci apart in the luxury market.
Stefano Ricci’s success is a powerful reminder that true luxury is about creating extreme value. This includes offering meaningful experiences and a flawless execution of the brand story. As the luxury market changes at an unprecedented rate, brands must embrace this philosophy and focus on connecting with their audience on an emotional level.
Stefano Ricci’s Explorer Project goes far beyond a fashion statement. It exemplifies the transformative power of luxury when rooted in genuine passion and respect for the world’s rich cultures. It stands as a rare exception in a world where too many brands offer similar stories and experiences.
This is an opinion piece by Daniel Langer, CEO of Équité, recognized as one of the “Global Top Five Luxury Key Opinion Leaders to Watch.” He serves as an executive professor of luxury strategy and pricing at Pepperdine University in Malibu and as a professor of luxury at NYU, New York. Daniel has authored best-selling books on luxury management in English and Chinese, and is a respected global keynote speaker.
Daniel conducts masterclasses on various luxury topics across the world. As a luxury expert featured on Bloomberg TV, Forbes, The Economist, and others; Daniel holds an MBA and a Ph.D. in luxury management, and has received education from Harvard Business School. Sign up for his masterclasses at the Jing Academy. Follow him: LinkedIn and Instagram.
All opinions expressed in the column are his own and do not reflect the official position of Jing Daily.