MILAN — Another cornerstone of Etro’s lifestyle proposition is being set with the brand’s first residential project.
The Milan-based luxury company has inked a partnership with Rams Global to design the interiors of the Tower Rams Beyond in Istanbul, Turkey.
“Etro has had a solid foothold in home and interiors for years, but for the first time, it is now debuting in the branded residences segment,” said Fabrizio Cardinali, chief executive officer of Etro, at the company’s Milan headquarters.
Dubbed “Etro Residences Istanbul,” the project “is a natural evolution of the Etro universe,” said Cardinali, “as a reminder of its heritage and expertise.”
Founded by Girolamo Etro in 1968 as a textile company, in 1981, it grew to include the Home Collection and the Home Accessories, managed in-house, and, in 2017, the Home Interiors line, licensed to then-Jumbo Group, now called Oniro Group.
Oniro Group will collaborate with Etro on the entire manufacturing and supply of customized products for the residences. Including the common areas, Etro will provide the interior design for 37 residential floors of the total of 40 levels, each spanning 21,600 square feet. The tower is being built in the Maslak neighborhood with panoramic views of the Bosphorus and construction is slated for completion by the fourth quarter of 2026.
The “Etro Residences Istanbul” project signals the company’s increasingly structured and diversified business model.
Since his arrival at Etro from Dolce & Gabbana shortly after L Catterton acquired a majority stake in the company in July 2021, Cardinali has inked licenses for eyewear with Safilo; for fragrances and home scent collections with Coty Inc., the first beauty license for the Italian house, and for Etro Kids with manufacturing specialist Simonetta.
Cardinali praised creative director Marco De Vincenzo for “being open” with his team to manage these diversified projects under the same “cohesive and consistent” brand image. Last year, the designer unveiled his first home and interiors collections for Etro during Milan’s furniture and design trade show Salone del Mobile, which included a tie-up with New York-based artist Amy Lincoln.
Asked to comment on the rumors surrounding a potential exit of De Vincenzo, who joined Etro in June 2022, Cardinali waved them away, denying there was a creative change in the works.
Similarly, he denied L Catteron was eyeing to disinvest — dismissing another market rumor as the four-year investment term approaches. Cardinali is also an investor in Etro.
Fabrizio Cardinali
The executive explained that the residences in Istanbul are “not a one-off project. We are evaluating other potential deals globally. This segment is becoming increasingly important.”
He said the perception of the brand’s home collections is bigger than the actual business, representing around 2 percent of sales, and that he has high expectations to grow this category exponentially. “It was a storied business but was not fully translated financially.”
He said that last year during Milan’s Design Week, “we met with potential developers to understand the market demand, in light of the structural changes in consumer spending over the past few years and the growing interest for branded hospitality and for experiential moments.”
The reaction was extremely positive, leading Cardinali to spearhead the first venture with Rams Global, “leveraging the brand’s identity, so recognizable for its paisley and certain colors and prints.”
Asked if Etro-branded hotels are also in the works, he responded, “Not yet, but I am leaving the door open.”
Over the years, several fashion brands, from the Armani Group and Diesel to Missoni, among others, have developed residential projects around the world.
Rams Global drives investments across media, tourism, health care, mining, furniture, food and beverage, and shared office spaces, in addition to construction and real estate. It lists nearly 100 projects spanning more than 4 million square meters worldwide and more than 25,000 employees. In addition to Kazakhstan and Turkey, Rams Global is creating new living spaces in Magdeburg, Germany, with RamsBurg — a mega mixed-use project featuring 2,000 apartments — and offering holiday experiences in Phuket, Thailand, with La Green Park Hotel & Residence.
“This partnership not only brings a global outlook to the real estate market but also sets a new standard for collaborations with luxury brands,” said Devran Bülbül, Rams Turkey CEO. “By combining Etro’s exceptional design expertise with Rams Global’s trailblazing projects and 36 years of experience, the two brands aim to bring cutting-edge innovation to the branded real estate sector. We aim to take our collaboration with Etro beyond Turkey into the global arena.”
The Oniro Group, based in Italy’s storied furniture manufacturing hub Cantù, a one-hour drive from Milan, is led by chairman and CEO Moreno Brambilla and has over the year inked home licenses with Roberto Cavalli and Gianfranco Ferré.
“We are very proud of the partnership established with Etro, an excellence of made in Italy fashion, and Rams Global, one of the most important and fastest-growing real estate and development groups. This represents a new and successful chapter in our branded residences expansion strategy,” Brambilla said. “When three partners of such caliber meet and work together, you can only expect magic.”
There is one existing Etro Home store in Milan in the Brera district, but Cardinali said that next year a floor in Tokyo’s Ginza flagship will be dedicated to this category.
Etro relies on a network of 130 stores, as its business is mainly dependent on its retail channel. In 2024, it opened units in Dallas and Houston, as well as in Shenzen at the MixC Mall and in Bahrain at the Galleria Mall. Etro’s online platform is controlled in-house and it saw double-digit growth last year.
Cardinali admitted 2024 was “a complex year because some countries did not recover as expected.” While declining to provide specific figures, he said the company “has seen a significant improvement in the bottom line,” returning to profitability this year, although a “slight decrease” is expected in the top line.
Etro’s main market is Europe, where sales grew double digit, followed by Japan and the U.S.
Further signaling its intention to continue to develop its lifestyle offer, Etro has signed an agreement with renowned Aimo e Nadia restaurants and chefs Alessandro Negrini and Fabio Pisani for the packaging and brand identity of their “panettone,” Milan’s signature Christmas cake.
