AusBN - Italian luxury retail company Furla Group has bought back its Australian business from Luxury Retail Group (LRG), in a timely boost to the beleaguered national retail market.
Furla’s CEO Alberto Camerlengo said: “The Australian market is very important for Furla and crucial in our expansion plan.
“Since 2013, Luxury Retail Group has been the best key partner to work with as it perfectly embodies the Furla vision, values and DNA.”
Camerlengo added that two LRG directors will remain on the board of Furla Australia.
Furla sells its exclusive Italian accessories through a network of 15 stores in Australia, with sources close to the group claiming that four new stores are set to open across the country this year.
In addition, sales from Furla's Australian and New Zealand stores are expected to increase by about 20% in 2017 to AUS$40 million.
Six high-profile Australian retail brands have collapsed since the end of 2016, however research group IBISWorld has suggested that luxury retail sales are growing at more than 8% a year, with Furla’s projected growth set to further contribute to this.