Spanish brand Mint & Rose to expand in France
On the occasion of its tenth anniversary, the Mediterranean-inspired Spanish firm founded in 2012 by entrepreneur Monti G. Benavides is accelerating its growth plans and has made France its main target for expansion. Known for its elegant, Spanish-made footwear designs, the brand expects its internationalisation to drive a consequent increase in turnover in the coming months, rising from 1.8 million euros in sales in 2021 to 3.8 million euros the current fiscal year.
With Spain and the United States as its leading markets, Mint & Rose is looking to expand in its neighbouring country, France. Just last year, the brand signed its first agreement with the Galeries Lafayette department store in France, which allowed it to extend its physical presence outside of Paris to include cities such as Bordeaux, Lyon, Biarritz, Marseille, Nice, Nantes, Strasbourg, Toulouse, Lille and Montpellier in its retail network.
As a result, the company will close the year with 24 points of sale in France, in addition to its four stores in Spain, as well as its three corners in El Corte Inglés. The brand's range offers quality products at affordable prices, with pairs of shoes starting at around 200 euros and handbags starting at 180 euros.
"The French market is a huge opportunity for the brand. We are developing a strategic expansion plan to replicate the model with which we have established ourselves in Spain in recent years," explained Benavides, founder and CEO of the Spanish firm that first launched in California, where the entrepreneur lived for more than a decade.
"Sales with Galeries Lafayette are only growing, Their locations have allowed us to be present in different areas of the country. This alliance has allowed us to acquire a great deal of knowledge of the market," said the entrepreneur, underlining that geographic proximity is a "key factor" that has facilitated this development. "I only have to take an hour and a half flight to come to Paris to work, to soak up information or sit on a terrace to observe and be inspired by the unique style of the Parisian women," beamed Benavides.
The next phase related to the rollout in the region involves adapting Mint & Rose's online store to the French market. "The online shopping experience has to be exquisite. We already have this aspect very much under control in the U.S. and Spain, with everything related to payment gateways, returns and logistics providers," said the founder of the company headquartered in her hometown of Valladolid.
Today, e-commerce already represents 50% of the company's turnover, which produces its handbags in Ubrique, Cádiz, its natural and biodegradable jute espadrilles in Caravaca de la Cruz, Murcia, and its footwear in specialised factories in Elda, Alicante.
Upcoming store openings in Barcelona, Seville and Bilbao
The other half of the company's turnover is generated by the physical channel, a percentage that Benavides plans to maintain in the future. "In our case, online sales are growing hand in hand with our physical presence and the notoriety we are acquiring." The company currently employs 33 people, with 17 at headquarters.
In addition to its two boutiques in Madrid, located on Ayala and Argensola streets, its stores in Valencia and Valladolid and its select network of multi-brand points of sale, new stores will soon be opening in Barcelona, Seville and Bilbao.
Known primarily as a footwear brand, Mint & Rose has no intention in limiting itself and aspires to create a comprehensive brand universe. In fact, its range of accessories already accounts for 40% of its sales. However, in addition to bags, belts, scarves and small leather goods, the clothing range (including timeless cashmere garments and household textiles), as well as candles, natural oils and hand creams, have also been recently introduced to its offer.
Benavides, who knows what it's like to go from working in private banking to starting her own business, is not afraid to diversify. Just a few days ago, the brand organized its first retreat for inspiring working women, 'Women on Business' along the banks of the Douro River.
Copyright © 2023 FashionNetwork.com All rights reserved.