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

Speaking on stage on the twenty fourth Altagamma Observatory, Stefano Canali – chairman and CEO of Canali, a historic luxury menswear firm with greater than 210 million in income – careworn the necessity for the trade to return to pricing that displays the true worth 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,” stated 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 significance for manufacturers to evolve over time, however 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, one other essential theme for luxury manufacturers is the expertise supplied to clients, past 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.”