ITOCHU Announces Acquisition of Exclusive Import and Sales Rights for Ermanno Scervino and Scervino Street
June 27, 2013
ITOCHU Corporation (headquartered in Minato-ku, Tokyo; Masahiro Okafuji, President & CEO; hereinafter “ITOCHU”) announced today that it has acquired the exclusive rights to import and sell in the Japanese market the leading Italian luxury fashion brands Ermanno Scervino and Scervino Street. ITOCHU will sell the brands through the CORONET CORPORATION (headquartered in Chiyoda-ku, Tokyo; Shigeaki Chiba, President; hereinafter “Coronet”), commencing with the 2014 Spring-Summer season.
The Ermanno Scervino fashion house, which was founded in 2000 from the creativity of designer Ermanno Scervino and the entrepreneurial spirit of Sole Director, Toni Scervino, soon became one of the most important promoters of excellence and ambassadors of 'Made in Italy' products throughout the world.
The brand's philosophy is expressed in its capacity to combine the highest craftsmanship and tailoring with the innovation of the materials and styles. This is what distinguishes all the Ermanno Scervino collections, distributed through 42 flagship stores and over 500 multi-brand sales outlets worldwide.
Toni Scervino expressed his satisfaction after signing the agreement, commented: "The Japanese market offers enormous potential, with a growing demand for 'Made in Italy' products. We are certain that through this partnership with Itochu and Coronet, leading companies on the reference markets, we will be able to accelerate the development strategy in Japan and continue to promote the values of excellence and style that are inextricably linked to the DNA of our brand".
In the Japanese market, the brands will target sophisticated male and female executives in the 30s and 40s age bracket who have a positive approach to self-expression. The brands aim to achieve combined retail sales of 3 billion yen in three years’ time by implementing a strategy of strengthening brand presence through the opening of a new flagship store in Ginza or Omotesando, as well as shop-in-shop outlets in department stores nationwide.
Retail Sales Price Range for Main Items
Suits 180,000 yen to 330,000 yen
Pants 50,000 yen to 130,000 yen
Dresses 70,000 yen to 220,000 yen
Knitwear 50,000 yen to 160,000 yen
Outline of Coronet Corporation
|Name of company||Coronet Corporation|
|Head office||2-8-4 Kudanminami, Chiyoda-ku, Tokyo|