From the stage of the 30th Pambianco Fashion Summit, Massimo Carraro, chairman of Morellato Group, outlined the strengths and future goals of the €723 million group (financial year ended last February) he leads, whose origins date back to 1930, when it began as a small jewellery and watch workshop.

“The turning point came in the mid-1990s, when we had the idea of ‘jewellery to live in’—not precious but beautiful and, above all, suited to the new lifestyles of women and, later, men,” the entrepreneur recalls. “Another successful intuition was to complement jewellery with watches, for the first time in the premium segment. Finally, the decision to open directly operated stores—first physical and then online—allowed us to gather data and consumer insights that have helped us perform well in wholesale, too.”

Today, Morellato Group owns 15 in-house brands (Morellato, Sector No Limits, Philip Watch, Lucien Rochat, Live Diamond, Oui&Me, La Petite Story, Chronostar, and FAVS), as well as the Italian chains Bluespirit and D’Amante and the international banners Christ (operating in Germany and Austria), Brinckmann & Lange, Cleor, and Noélie. There are seven brands under licence: Karl Lagerfeld, Maserati, Chiara Ferragni, Trussardi, Esprit, Jette, and Guido Maria Kretschmer.

“Acquisitions have been an important part of our growth, but they have also created a complex situation to manage. We have succeeded by integrating the entire supply chain: today we generate around 80% of our sales abroad, and all the products we sell worldwide are made in-house, sometimes even adapting them to different markets with flexibility,” Carraro explains. “In production terms, the most important country is still Italy, especially for gold; however, we have, for example, facilities in India for diamonds and in Thailand for sustainable silver.”

Another driver of growth for Morellato Group has been the decision in recent years to move increasingly into the world of fine jewellery, built to last, and into diamonds—”a strategy that has led to an increase in our average basket value,” the chairman notes.

“Finally, e-commerce has also played its part, now accounting for more than 20% of revenue; moreover, market research tells us that around 80% of customers who visit our stores have first browsed online, so most sales can be considered omni-channel,” adds Carraro, who, looking to the group’s future, says: “For the current financial year we should reach turnover of around €750 million, with EBITDA above 20%. We have always financed all our acquisitions independently; we believe we are ready to continue our growth and we have other opportunities in the European market in the pipeline.”

Looking further ahead, Morellato concludes: “We remain a family business today, although all the group’s companies now have external managers. We know that the family model, in the long run, can have its limits, so I do not rule out a stock-market listing or other types of transactions in the future.”