Rinascente has signed a long-term rental agreement for a landmark location adjacent to its prime unit overlooking the Duomo cathedral, with plans to turn it in a new beauty destination for its Milanese crowd and tourists alike. Locally known as ‘Odeon’, the historic location formerly housed cinema halls and has been a cultural and meeting point for citizens here for decades, before eventually shutting down last year.
Rinascente’s CEO Pierluigi Cocchini said Rinascente will revamp the venue and open the ‘Rinascente Odeon Beauty Hall’ by May 2027. The plan is to move under one roof all the established beauty brands currently showcased on the ground floor of its Duomo unit, as well as the indie labels displayed at the Beauty Bar area installed in its Annex building. In doing so, the area destined for the beauty category is set to expand threefold, since the new hub will cover 32,291 sq ft (3,000m2) across three floors. In addition to housing more than 300 brands in makeup, skin care and fragrances, the new space will offer makeup stations and advanced beauty treatments curated by brands on the first and second floors. Rinascente tested consumers’ interest in this experiential side by launching the Beauty Fair initiative earlier this year, and replicating it with a sophomore edition last month. The format involved both established and indie brands staging pop-ups to present their latest collections, limited-edition or customizable products as well as offering free treatments, workshops and master classes to customers.
According to Pier-Luigi Cocchini, the new space is expected to attract 3 million visitors in its first year. ‘In Milan, our beauty sales currently reach €50mn. We expect these to grow to €80mn in the first year since the opening of the new hub, with the goal to total between €130mn and €140mn once this space is fully set up’. With the new destination the retailer is targeting Millennial and Gen Z customers, as the latter are set to represent 25% of its customer base in five years. In the last 12 months, 36% of Rinascente Duomo’s clients purchased beauty products, one out of three customers being a Gen Z-er. The retailer tasked architect Marco Costanzi and its namesake studio to revamp the new location respecting the original design, which traces back to the 1930s.
To further boost the experiential ante, 7,534 sq ft (700m2) will be dedicated to a food area, with a bar on the ground floor and a more extensive destination on the second floor. The area previously focused on beauty brands will be revamped and repurposed to expand the accessories, watch and jewellery categories, therefore doubling the current retail surface dedicated to these segments to 21,527 sq ft (2,000m2). ‘Our total investment will be around €40mn, split in €30mn for the Odeon plan and €10mn to revamp the ground floor, in a project we dubbed ‘Grand Floor,’’ said Pier-Luigi Cocchini, underscoring that an additional €10mn will be invested by beauty brands that will enter the new hub to set up their booths. Also expected to be unveiled in 2027, the Grand Floor project will enable the retailer to increase sales generated by the aforementioned categories from the current €200mn to €370mn in the first year of the new layout. Rinascente’s Milan flagship draws an average of 8.3 million visitors a year and generates around half of the company’s total sales. Rinascente, which has a network of nine locations in Italy, hit the €1bn sales mark last year, reporting a 16% increase versus 2022 and 14% growth over its record year in 2019. Sales grew in all merchandise categories, with a particular focus on luxury accessories and beauty, which climbed 28% and 30%, respectively.