The luxury footwear brand Alevì Milano, known for designs favored by celebrities, enters a new phase of growth following a significant investment from Bal Group.
Alevì Milano, the luxury footwear brand established in 2019 by co-founders Valentina Micchetti and Perla Alessandri, has entered a new phase of growth following a significant investment from Mexico-based Bal Group. This strategic partnership marks a key milestone for the brand, which has garnered attention from celebrities such as Beyoncé, Reese Witherspoon, Zoe Saldaña, Demi Moore, Hailey Bieber, and Kendall Jenner.
The financial specifics of the deal, which involves Bal Group acquiring a majority stake, have not been publicly disclosed. However, it has been confirmed that Micchetti and Alessandri will retain a considerable minority interest in the company. Both will continue in their current roles, with Micchetti serving as chief executive officer and Alessandri as chief production officer. They are responsible for the brand’s distinctive footwear collections, with Micchetti managing marketing initiatives and Alessandri applying her expertise from her family’s business in footwear production.
The brand has risen to prominence in the luxury market, particularly after Kendall Jenner showcased Alevì Milano’s leather and PVC stiletto pumps at the 2019 Vanity Fair Oscar Party. Known for their unique design features such as the pebble set in the outsole, Alevì Milano’s styles include the popular “Stella” stiletto pump, characterized by a refined cagelike upper, as well as the “Penelope” ankle strap, adorned with crystals.
In 2023, Alevì Milano reported revenues exceeding 2 million euros. Initially a side project for its founders, the brand has evolved into a fully-fledged business, attracting investor interest. Speaking to Footwear News, Micchetti elaborated on the inception of discussions with Bal Group, stemming from her public relations activities and interactions with buyers from El Palacio de Hierro. “We met Bal Group through my PR activities and then El Palacio de Hierro buyers approached us,” Micchetti noted, reflecting on how these engagements led to potential investment conversations.
Micchetti indicated that Bal Group was chosen for its promising connections within the South American market, which they believe offers significant growth potential. “They also boast a crucial experience in retail. Their vision was trustful and their structure will allow us to scale up from our start-up status,” she stated, adding that the team has already seen an increase in key hires to support the business’s growth.
Alejandro Baillères, chairman of Bal Group, expressed enthusiasm about the partnership in a statement, saying, “We are thrilled to invest in Alevì Milano, an exciting high-end brand that has carved out a unique space in the luxury footwear market.” He highlighted the brand’s blend of style and craftsmanship that has appealed to a discerning clientele worldwide.
As part of their growth strategy, Alevì Milano is set to open its first flagship store in Porto Cervo, Italy, in May, within the Promenade du Port luxury complex. This store will be a significant step forward from their primarily wholesale-driven business model. Additionally, the brand plans to debut a monthlong pop-up shop at Harrods on April 1, followed by another at Milan’s Rinascente department store on April 7, coinciding with prestigious design events.
Currently, Alevì Milano has a presence in about 50 stockists worldwide, including significant retailers in Europe and the Middle East. Plans are in place to re-enter the North American market and enhance e-commerce capabilities, aiming to broaden its reach following a reduction of its U.S. presence after Barneys New York’s bankruptcy.
The brand’s operational model focuses on internal distribution and personalized client interaction, foregoing traditional presentation formats for direct sales campaigns held at their headquarters. The emphasis on one-to-one appointments allows them to offer custom services, further solidifying connections with clients across the globe.
Source: Noah Wire Services
