Micro-bags underpin the big numbers of the Jacquemus phenomenon, that will concentrate production in Italy. The brand owned by designer Simon Porte Jacquemus has revealed that exceeded 100 million euros in revenues in 2021, and is preparing to double its sales this year to over 200 million euros. Leather goods generate more than half of the revenue and are growing by leaps and bounds to the point that the brand is aiming for 500 million euros by 2025.
Small bags, big numbers
Remember Le Chiquito micro-bag? It became the star of the Jacquemus spring-summer 2018 show. “Everyone told me it was useless; no one would buy it,” says the designer in an interview published by Business of Fashion. Instead, many, many people bought it, creating the boom that crowned Jacquemus. “He has created a whole category,” said Selfridges‘ purchasing and merchandising director Sebastien Manes.
More Italy, less Spain and Portugal
According to BoF Insights, the average price of a Jacquemus bag is £547, compared to Bottega Veneta’s £2,260. “Jacquemus has managed to have quite a high identity compared to the price range,” Manes continues, explaining that the brand navigates between luxury and “democratic” . The fact remains, however, that the handbag category generates more than half of the company’s sales. And it is also the engine of profits. Jacquemus boasted an exceptional operating profitability of 25% of sales in 2021. The brand, which employs over 150 people and is based in France, plans to relocate part of its handbag production from Portugal and Spain to Italy. And it intends to develop a more reliable footwear supply chain.
“I’m not selling. For now”
Thanks to its rapid rise, Jacquemus is in the spotlight of the M&A market. “We are not looking for investments right now. I know there is a lot of interest, but we don’t need it,” says the designer. “One day we will see. But I don’t want to work for someone else in my own company. That’s for sure”.