00:00Highlights for you last year as you expand the footprint of the business?
00:03Last year it was an important store.
00:05It was important here because we opened 13 new stores and we reached the 70 number of stores.
00:10We are now in 17 different countries, three continents.
00:15The most important number is more than 5,500 employees.
00:19I mean, we're discussing...
00:20We had a company that was a family small startup in Torino only in 2007.
00:25So we're pretty excited to export this Italian way of living through food.
00:30All over the world.
00:31Okay.
00:32And in terms of overseas markets, currently, of course, the footprint is...
00:35...mostly in the U.S., but of course you have a number of stores around in the Asia Pacific.
00:39So what business is roughly 50%...
00:4050% in North America, U.S. and Canada, 40% in Europe...
00:43Yes.
00:44...and the rest 10% go...
00:45...mostly in the Middle East and Korea and Japan.
00:48Right.
00:49Do you have any priorities between...
00:50...between those markets this year?
00:51Well, North America, it's the country where we see we have the...
00:55...most potential.
00:56We're already there.
00:57We have so many grounds we still need to cover and it's...
01:00...easier to develop for us right now, but we're looking at the world.
01:04It's a very...
01:05...a very specific moment in time and we're looking at any opportunity...
01:08...that we really feel fits our brand and value.
01:10Now, I want to ask you too because a lot of people are trying to figure out the...
01:13...the state of the U.S.
01:15economy and really consumer appetite literally and figuratively, for example.
01:20...in your case.
01:21How would you describe demand in your U.S. stories?
01:23And also, I want to understand cost pressure.
01:25...because people talk about inflation every day and I wonder how you're feeling that.
01:28We're seeing...
01:29I think in U.S. we're seeing...
01:30...actually what we're seeing more or less across the world.
01:33Usually in U.S. it just happens fast.
01:35...there and earlier.
01:36Yeah.
01:37We're seeing a shifting between sit-down restaurants...
01:40...to more quick service, fast-paced F&B or delivery...
01:45...to more retail at all, maybe pre-sized, pre-cooked, ready to be eaten.
01:49Okay.
01:50I guess...
01:50...it's a combination of diminishing power, higher pricing...
01:55...and also this willingness of convenience and fast-paced...
02:00...that keep requiring nowadays.
02:01Right.
02:02So, I guess this is the shifting that we're seeing the most in the U.S.
02:05...the demand is there.
02:06We're doing very well.
02:07We're very happy.
02:08But clearly today you need to...
02:10...to watch the market every day to understand...
02:12...what's the next app should be.
02:13And what do you think is the most...
02:14And what do you think is the most...
02:15...important consumer trend you've noticed across the world...
02:18...as you travel and look at the...
02:19...you know...
02:20...in fact, last year we opened our first called Italy Café...
02:24...we did three...
02:25...in New York.
02:26Okay.
02:27It's a very small Italian coffee bar...
02:30...200, 300 square meters...
02:32...where everything is incredibly fast...
02:34...super high quality...
02:35...and you can go from breakfast all the way to early dinner...
02:38...from cornetto cappuccino to...
02:40...or salad, pizza, you name it...
02:42...not quick...
02:43...and people do not...
02:45...wanna lose quality...
02:47...but they wanna spend a little less than they're used to.
02:50...and I think this format is killing it.
02:52And I guess from a financial perspective...
02:55...intuitively I just think it's better that there's quicker turnover...
02:58...and you know...
02:59...the less...
03:00...the less time people stay in your stores...
03:02...probably the better...
03:03...but how do you approach it?
03:04Because people want convenience...
03:05...and they want things quick.
03:06Look, we're...
03:07...our format is very resilient, right?
03:09Because we're...
03:10...so we look at our flagship...
03:11...we have retail...
03:12...we have sit-down restaurants...
03:13...and we have quick service...
03:14...we have events...
03:15...and we have classes...
03:16...all together...
03:17...under one roof.
03:18So we are capable of moving the...
03:20...we have revenue...
03:21...through the year...
03:22...or through the months...
03:23...now probably through the quarters.
03:24Yeah.
03:25...we know what people are looking for...
03:26...so we can...
03:27...explore more our retail opportunity...
03:29...adding more tables...
03:30...at a certain moment of the year...
03:31...so it's easier for us...
03:32...than probably...
03:33...other businesses...
03:34...to adapt to customers.
03:35Right.
03:36And clearly...
03:37...you know...
03:38...the Italian offering...
03:39...is what you bring the most...
03:40...and we were just talking about...
03:40...this...
03:41...you know...
03:42...what among the ingredients...
03:43...or things that you sell...
03:45...do you source locally...
03:46...and what are non-negotiables...
03:47...that they need to be sourced...
03:49So for...
03:50...because...
03:51...being Italian...
03:52...is about tradition...
03:53...about recipe...
03:54...and about...
03:55...the real products...
03:56...that really define...
03:57...our cuisine...
03:58...take...
03:59...wine...
04:00...or olive oil...
04:00...or Italian pasta...
04:01...but...
04:02...in each country we go...
04:03...we try to...
04:04...tank...
04:05...the country...
04:06...and be more sustainable...
04:07...and source an incredible amount...
04:08...of...
04:09...array of ingredients...
04:10...there...
04:11...like...
04:12...we make cappuccinos...
04:13...with different milk...
04:14...in each city that we go...
04:15...because...
04:15...we want to partner with...
04:16...a local farmer...
04:17...the same truth is for...
04:18...a lot of vegetable...
04:19...fish...
04:20...meat...
04:20...you name it...
04:21...so...
04:22...actually...
04:23...when you go to look...
04:24...at our store...
04:25...probably more than 50%...
04:25...of the product we consume...
04:26...and actually local...
04:27...how much have you set aside...
04:28...for expansion...
04:29...this...
04:30...this year...
04:31...we have...
04:32...confirmed so far...
04:33...15 new stores...
04:34...right...
04:35...maybe a couple more...
04:36...are gonna add...
04:37...and we're gonna keep...
04:38...growing...
04:39...in this fundamental...
04:40...that we're seeing...
04:40...working...
04:41...so we're doing...
04:42...a lot of travel retail...
04:43...we're opening JFK...
04:44...we're opening...
04:45...Paris Airport...
04:46...we're opening...
04:47...Milano Linate...
04:48...and Caselle...
04:49...in Italy...
04:50...we're doing...
04:51...flagship in US...
04:52...we're doing...
04:53...some...
04:54...new Middle East...
04:55...two new in Jeddah...
04:56...last year...
04:57...we did Bahrain...
04:58...and Beirut...
04:59...so we're gonna keep...
05:00...pushing...
05:01...with all different...
05:02...aspects...
05:03...few new Italy...
05:04...café...
05:05...probably...
05:06...that we cannot confirm...
05:05...but we're excited...
05:06...we're rolling...
05:07...people like our brand...
05:08...people like our food...
05:09...and we need to...
05:10...to keep pushing...
05:11...we can't take advantage...
05:12...of that in Hong Kong...
05:13...when do I get to see you guys...
05:14...at the Hong Kong Airport...
05:15...what did you mention...
05:16...is that something you're studying?
05:17We're studying...
05:18...first of all...
05:19...I love Hong Kong...
05:20...I would love to have an excuse...
05:21...to come here...
05:22...much more often...
05:23...Hong Kong is a difficult market...
05:25...for us...
05:26...because of real estate...
05:27...we usually enter the market...
05:28...with a big flagship...
05:29...and find...
05:30...or the cost of real estate...
05:31...the cost of real estate...
05:32...but also...
05:33...the availability...
05:34...it's very difficult to find...
05:35...a prime...
05:36...30,000 square feet...
05:38...of real estate in Hong Kong...
05:39...where to put any time...
05:40...the Italian food...
05:41...flagship store...
05:42...so we're looking...
05:43...at all our options...
05:44...eventually...
05:45...I hope...
05:46...we're gonna get here...
05:47...but we're lucky...
05:48...we have many markets...
05:49...in which we can...
05:50...expand...
05:51...that we can't wait...
05:52...to find the right opportunities.
05:53What about...
05:54...Mainland China?
05:55...that's where study...
05:56...I'm going to Shanghai...
05:57...tomorrow...
05:58...which I'm a big fan...
05:59...which I'm a big fan...
06:00...you know...
06:01...I would love to open...
06:02...in Shanghai...
06:03...we're studying the market...
06:04...we believe we're very...
06:05...to be able eventually...
06:06...to announce...
06:07...the possibilities...
06:08...there...
06:09...the reason why...
06:10...I really like Shanghai...
06:11...is because it's...
06:12...probably an easier way...
06:13...to truly understand...
06:14...mainline Chinese...
06:15...market...
06:16...which is a...
06:17...geonormous market...
06:18...rather than Hong Kong...
06:19...that we both know...
06:20...is more international...
06:20...the number of products...
06:21...that you can bring...
06:22...it's much larger...
06:23...so it's kind of...
06:24...a different market.
06:25...and we can import...
06:26...I believe pineapples...
06:27...for free here...
06:28...what's your take...
06:29...on pineapples and pizza?
06:30...my take...
06:31...on disrupting...
06:32...Italian food tradition...
06:33...yeah...
06:34...is that...
06:35...everybody...
06:36...can do whatever...
06:37...they want...
06:38...as long as they know...
06:39...that their recipe...
06:40...is not Italian.
06:40...okay...
06:41...let's just not call it that...
06:42...let's just not call it...
06:43...Italian pizza...
06:44...it's fine...
06:45...alright...
06:46...fantastic...
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