“They always are provocative in some way or other,” he said. “They are completely different from Armani which is much more restrained.”
Democratic Underwear
Calzedonia’s business model takes the opposite approach, selling low-priced lingerie and swim-wear through a network of 3,200 owned and franchised stores in Europe. Veronesi founded the company in 1986 to sell stockings, before expanding into underwear with Intimissimi in 1996, and Tezenis in 2003.
Veronesi’s 85 percent control of Calzedonia is valued at $1.9 billion, according to the Bloomberg ranking, based on the average enterprise value-to-Ebitda and price-to-earnings multiples of two publicly traded peers: Columbus, Ohio-based Limited Brands Inc., the owner of Victoria’s Secret, and La Senza brands.
Calzedonia declined to comment on Veronesi’s net worth estimate.
Strict Controls
Calzedonia maintains strict controls over its brands and product lines, keeping each focused on targeted consumers. Tezenis focuses on younger consumers, while the Calzedonia chain sells stockings and socks. Veronesi acquired knitwear label Falconeri in 2009, adding jumpers and jackets to the range.
Veronesi has said Calzedonia’s will grow in northern Europe and the Middle East before expanding in Asia and the U.S.
“We focus on Europe, because although we are very strong in Southern and Eastern Europe, we have little presence in the North,” Veronesi told Italian fashion magazine Moda24 last year.