29 September 2022

Stone Island and Satispay enhance the value of Made in Italy

But does Made in Italy still count?

In an increasingly global market, which this year has given an important acceleration to the entire digital context at the service of business, where everything is reachable and at the click of a button, this is a question that is often asked.

Does it still make sense to value the origin of Italian products and services?

In a recent interview, Carlo Rivetti, president and creative director of Stone Island, a famous brand from Modena (Ravarino), talking about the acquisition of Stone Island by the colossus Moncler, says:

I had higher offers, but the possibility of remaining 100% Italian is priceless.
Carlo Rivetti

Indeed, the history of the Rivetti family, a long-standing family business, has its roots in the Italian underground.

The Rivetti family, entrepreneurs in the Biella wool district, founded the Gruppo Finanziario Tessile (GFT) in the 1930s, becoming true clothing manufacturers.

From the ’60s to the ’80s the GTF grows and re-invents itself, acquiring the brand C.P. Company, based in Ravarino. From the Sportswear division born in those years, of which Carlo Rivetti becomes CEO, new projects come to life, including that of Stone Island. Then the GTF in 1993 has a big crisis, which leads to the sale of the company. But Rivetti, who had left the company 4 years before the bankruptcy, did not give up, took over the Ravarino activities, and started all over again with the Stone Island brand. From that moment to today, the company has been growing steadily.

Nine years ago the revenues were 53 million, with an Ebitda of 4, equal to 7.3% of turnover. In 2019 we arrived at 239 million, up 24% on 2018 and with an Ebitda of 73 million, equal to 30% of turnover. And in 2020, despite Covid, we will close in slight growth. A lot of people have been looking for us, especially from abroad.
Carlo Rivetti

But Rivetti aren’t the only ones who believe in and value the Italian mold.

Even super young companies, such as the innovative Satispay, believe that being able to be international while maintaining the Italian identity is the most appropriate solution.

The Italian Fintech, founded in 2013 by 3 guys from Cuneo, and famous for the new payments model developed through the homonymous App, on November 18, 2020, closed a 93 million Euro funding round.

The international round has seen the entry of big players in the world of startups: first of all the Italian TIMVentures, then Tencent, an important internet company, up to Lgt Lightstone, the branch of growth equity impact investing of Lgt Capital Partners, the largest family group of private banking and asset management in the world.

We are honored to welcome new investors who can share with us their extraordinary experience and especially support us in our mission to become the new payment network of reference in Europe. TIM is a partner with whom we will work immediately to accelerate even more the growth in Italy. Square and Tencent are leaders in mobile payment in the two largest markets in the world and this is for us the best possible confirmation that the model we have created is the right one. LGT Lightstone is an important financial investor, with a size that, together with the other partners, can guarantee support for all the requirements Satispay will need in the future in order to reach its objectives on a European level.
Alberto Damasso, co-founder e CEO di Satispay

So Satispay wants to grow on a European level, keeping the spotlight on the Italian market, a lively and professional container of innovative ideas.

 

I hope that this is a sign of attention to Italy that makes innovation, and that it turns the light on other startups.
Alberto Damasso, co-founder e CEO di Satispay

And we hope so with him.