Victoria's Secret is THE household name in lingerie, and there's not really that much competition to that crown in the United States.
You may not have heard of Sandro Veronesi or his Calzedonia Group, but it may be looking to make a big play in the US clothing market.
The Calzedonia Group, which includes the Calzedonia, Intimissimi, Tezenis, Falconeri and Cash & Carry brands, is looking to come stateside. The namesake, Calzedonia, mostly sells legwear. Intimissimi sells intimates, and has even been sold in Victoria's Secret stores.
Together, Veronesi's brands sold about $2.5 billion worth of intimate apparel last year. The company, based in Italy, has over 3,800 stores worldwide – but most of them are in Europe. Calzedonia has a small presence in Hong Kong and Japan, but the company isn't looking to expand further in Asia due to their reluctance to deviate from domestic brands.
Veronesi himself is one of the richest people in the world, with a net worth of between $1.8 and $2.4 billion.
“We will start maybe from New York, which is a fashion city, and then we will expand in the major cities,” Veronesi told Bloomberg. “There is a dominant competitor in the United States, but that is maybe a reason why also women would like to have an alternative.”
The company will be taking on a giant. Victorias's Secret boasted around $11.4 billion in revenue last year.
Victoria's Secret is gearing up for its annual fashion show, which will take place on December 8th. Angels Adriana Lima, Alessandra Ambrosio, Behati Prinsloo, and Candice Swanepoel will be there, alongside performances from Rihanna, Selena Gomez, and The Weeknd.