A Marana Oven at the Eataly in Paris. And so it is that a little bit of Verona will be part of the taking of the French capital by the group Oscar Farinetti created.
Just under 40 stores in 12 nations worldwide, it submits its first consolidated financial statements, which show a €465 million turnover (538 forecasted in 2018), up 20% and an albeit symbolic profit of €1 million.
The group made a major comeback from being in the red in 2016, the year that closed with a 32 million drop in revenue, and 11 million in net losses. The gross operating margin was also great, growing heartily up to 25 million, with an objective of 35 for the current year and of over 60 in 2020.
More specifically, Eataly has seen its sales rise by seven points on the domestic market, and much more steeply across the border—for example, the USA flared up 40%.
The first quarter of 2018 confirmed these conditions, too, recording a +19.6% at constant currency exchanges and a +24.7% at current values.
The turnover objective is over 700 million in revenue by the end of 2020, above all thanks to a strong plan for new openings, new partnerships, but also by getting listed on the stock exchange, confirmed for 2019.
The focus is still on the United States and European countries, but also on China, where negotiations are underway with a possible partner to arrive as soon as the summer at a joint venture, or at a direct entry of this ally in the capital. Rather, the People’s Republic is meant to become the Italian cuisine specialist’s third catchment area. After all, at least on the Internet side, there’s also talk about a partnership with Alibaba.
“Right now Eataly,” says Reuters, “is controlled by the Farinetti family with about 60%, while Tip-Tamburi investment partners (through the ClubItaly vehicle) has a little less than 20% and about just as much is in the hands of the company Carlo Alberto, which reports to Luca Baffigo and Elisa Miroglio.”
In February the chain touched down in Sweden, in Stockholm, with a large surface area of 3000 m² in Biblioteksgatan, while in November 2017 it reached Los Angeles, with a 6000 m² megastore on three floors.
Now there are inaugurations scheduled in Paris, thanks to the partnership with Galeries Lafayette, and in Las Vegas, but also in Verona and Toronto. In sight again are the Arab Emirates, where there is already an Eataly in Dubai (two stores) and in Qatar and Doha. Instead, in Saudi Arabia, the group is active in Riyadh.
Another important event is the entry into the rental contract for the first British store, in London. Opening in 2020, the store will cover about 3900 m² on the first floor of Broadgate, an enormous “arena” that sprawls over 130,000 m² of food, shopping, and fitness.
Moving into the future, Reuters also reports, openings in the States (in San Francisco, Washington, and Miami) and in Europe (in Lisbon and Madrid) are scheduled.
As far as Fico Eataly World in Bologna the chief executive, Andrea Guerra, predicts a turnover of around 50 million in the first 12 months, that is, by November 2018.