Stefano Canali: “We must ensure that luxury goods are priced in line with their true value”

Speaking on stage at the 24th Altagamma Observatory, Stefano Canali – chairman and CEO of Canali, a historic luxury menswear company with more than 210 million in revenue – stressed the need for the industry to return to pricing that reflects the true value of the product.

“This is something that industry players of all sizes regularly point out to us: today, consumers are no longer willing to pay a price that is not aligned with what they actually receive,” said the entrepreneur. “In that respect, Canali is well positioned, because the relationship between the value of our products and their prices has always been considered appropriate; however, that alone is not enough. It is essential to have credibility and authenticity, to be true to oneself while not standing still, and to keep innovating. These are the pillars that enable a business to thrive worldwide today.”

He then emphasised the importance for brands to evolve over time, but with authenticity: “We are known for our tailored suits; it is our DNA. Even before the pandemic, we had already evolved our collections towards lifestyle, but even when you expand your offer you must maintain your authenticity: we have done so in the way the garments are constructed, in the materials and fabrics, and in our attention to detail and quality.”

Finally, another crucial theme for luxury brands is the experience offered to customers, beyond the tangible product. “In this area, we launched our first luxury hospitality concept last July, a restaurant inside Hong Kong’s Harbour City Gateway Arcade, Locanda Canali,” added the CEO. “Again, for the project to work there must be coherence across the concept, colours, furnishings, the authenticity of the ingredients, and the menu, which we have entrusted to an Italian chef based in Hong Kong, who is able to preserve the Italian character of the dishes while adapting it to local tastes.”