Contents 7 About Us 9 A big company cherished by customers and collaborators
11 A story following the pace of the market 15 Our style: be entrepreneur of yourself 18 Our essential figures 20 Turnover growth of Teddy Group 25 How we dress people: our brands
29 Retail and wholesale: the way we do business 30 Our sustainability journey 36 Our big Why: Teddy Dream
All the data included in the company profile, otherwise stated, are to be referred to 2022 consolidated financial statements.
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Dressing people to make our dream come true
About Us All our brands are rooted in Teddy corporate culture: through them we communicate our creativity and taste for beauty, thanks to them we are with our customers every day. We are a fashion retailer with an Italian soul, four clothing brands and a big dream that travel the world (our Why when doing anything, read it on page 36), It details why we do things and we wish to do them). Our job is to dress people. And we do it through our brands: Terranova, Rinascimento, Calliope and QB24. All our brands were created thanks to Teddy corporate culture: they represent the perfect expression of our creativity and taste for beauty but, what is most important, they are our way to stay every day with our customers, to be part of in their life. We do not just manufacture a product, we also have the ability to distribute it, with a great added value compared to other brands: we love to do business with other entrepreneurs. All the distribution models of our brands are therefore designed and developed in collaboration with our business partners, as our 50-year history proves. First of all, our franchising format ‘on a sale-or-return basis’: we could grow thanks to the franchising formula and the entrepreneurs who chose our brands to start their own business adventure. Today, together with them all, we can compete in the fashion and clothing world in thousands of shopping streets, squares and shopping centers, through our flagships. At the same time there is our wholesale distribution channel, through which we bring “Made in Italy” products by Rinascimento and QB24 into thousands of boutiques and department stores all over the world: a cash&carry assortment updated every week and a constant style research to fulfil the new trend requirements quickly. Customers and their wishes have always driven and been at the core of our actions. And they are therefore the reason for our omnichannel approach: we have been investing increasingly more in the development of new digital channels, in-store and online services, drawing inspiration from the needs and behaviors of our customers. This is what we are today. We do all this to grow more and more as an international top player in the fashion industry and build day by day the company described in The Dream, as to leave it to future generations larger, sounder and more sustainable.
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A big company cherished by customers and collaborators. What has always struck me most about Teddy? Its Dream. What has always struck me most about Teddy? Its Dream. Actually, even before reading the Dream, I met and was attracted by the people who lived that Dream. First of all, Vittorio Tadei and then all the many others I met; so different from each other, with so many different stories to tell, but who all had a deep, real passion for their work and personally embodied the entrepreneurial and value challenge our founder laid out in the Dream. This is what struck me most and today still attracts so many people who help to build Teddy every day, be they young, less young, employees, collaborators, customers, suppliers, friends or colleagues. We all wish ourselves to build something great in our life, just like the company that is described in the Dream, don’t we? So, the truth is that Teddy Dream is not only the Dream of the founder of this company, it is everyone’s the dream. This is the reason why we invest every day our passion, creativity and abilities to build a large company, cherished by those who work for it and by customers, aiming to grow more and more as a leader in the fast fashion and clothing market. Yes, we are daydreamers! We always pay the greatest attention to the real conditions of our market, on what our customers look for and long for and we like to be very practical. We never feel to have achieved our best, but we know that every day we need to learn again what we believed to know already. Above all, we know that we need to give our customers a product that can fulfil their wishes and live up to our Dream. This is the recipe to live our work with passion, grow and build the company described in the Dream, day by day. Alessandro Bracci, Chairman and CEO
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A story following the pace of the market We work every day to build a company and turn it into a market leader, cherished by its customers and collaborators.
1961
Born into a store, among customers and clothes Everything begins when Vittorio Tadei, a young man from Rimini, a bike enthusiast and curious about the world, leaves his job as accountant to work in the clothing store run by his sisters in Riccione. In that store he discovers his passion for clothing and for customer
relationships. Two passions that will help him to design the soul of future Teddy
Going beyond Rimini Riviera Vittorio opens in Rimini his first handmade knitwear workshop, working as a supplier for several retailers in Rimini area. Rimini seems however too small for his entrepreneu-
rial spirit and, in 1970s, he launches his own wholesale distribution network in Italy and opens the first retail stores in Emilia Romagna and Marche regions. Vittorio has understood one thing: manufacturing is important but it is also essential to keep a finger on the pulse of distribution, staying as closer as possible to customers.
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Doing business together: retail franchising and wholesale distribution This is a year of change for Teddy. In 1988, Terranova is launched together with the franchising formula that will help the brand to open stores worldwide: this will become the hallmark of Teddy retail strategies from now on. Teddy franchising format ‘on a sale-or-return basis’ and its “border factor”, that is the wish to constantly explore new markets, are the main features of Teddy sales strategies and will allow Terranova to open stores in 20 countries in just 10 years. In the meantime, the wholesale distribution business, focusing on Made-in-Italy fast fashion, grows more and more: in 2000, Rinascimento brand is launched, growing into an international wholesale network operating all over the world.
1988 2008 The brand value and the birth of Calliope While Terranova keeps expanding its sales network with up to 400 stores opened, in 2005 a new brand is launched, Calliope, the third brand by Teddy Group. It’s r-evolution time. A company that always worked hard realizes that it is time to offer its customers not just a product but a world, an experience related to it. Two new concept stores are opened and a clear brand identity is developed for Teddy brands, Terranova and Calliope.
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From Teddy SpA to Teddy Group: “Discovering Teddy standing on its own feet makes me the happiest man ever” (V. Tadei), 30th of November 2011. It’s the date marking the handover from one generation to another. Teddy celebrates its 50th anniversary and Vittorio leaves to the young working in his company the task of running it in the future and laying the grounds to make it last for 500 years more. In this period the company strengthens its organization, launches corporate training initiatives for its managers, and makes changes to its ownership structure to face future challenges.
2011 TODAY
2020 What about the present? Teddy Distribution Hub: a more sustainable business, a better customer service The new distribution hub of Teddy Group opens its doors in Gatteo, just a few miles from Rimini. It is an important investment to improve customer service and develop a more efficient and effective procurement management, besides being a step towards a more sustainable business. The Leed Gold-certification, which is one of the leading and most used international certification programs, will help us to reduce the environmental impact of our entire production chain over the years.
Now we are working every day to fulfil more and more the needs of our customers, making our brands be on the top list of their preferences, facing the challenges of business digitalization and sustainability.
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Our style: be entrepreneur of yourself A corporate culture based on shared entrepreneurship, business sustainability and constant attention to customers’ needs. Business sustainability Since Teddy was founded, our wish has been to build a company that lasts in time and is able to contribute to make the world a better place. We work every day for a long-term sustainable growth, bringing value to our collaborators, our business partners and stakeholders first of all. What drives us is the sense of responsibility detailed in our Dream and the wish to leave to future generations a larger and better company than the one we were given. Entrepreneurship and shared leadership A corporate culture based on a spirit of entrepreneurship and a shared leadership, on teamwork, on our values, on passion and the strong sense of belonging of our people, on the possibility to grow and build something important. In addition to that, a very strong focus on the search, motivation and growth of “talents” and future leaders, in line with our corporate culture. In other words, growing many entrepreneurs of themselves. The aim is to allow everyone to have a clear professional outlook, to be able to develop their career and express in their job all their own responsibility and skills; training programs and development plans help everyone to make the most of one’s own entrepreneurship, with the aim of growing from a human, professional and technical point of view.
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Our customers: our passion “If you listen to your customers, you’ll never get it wrong”, Vittorio Tadei always used to tell us. We aim at being a customer-oriented company, taking care of customers’ needs, wishes and even criticism. How do we do it? First we gave a name to our customer, Marinella. Furthermore, we study and collect “her” feedbacks, which are at the core of our decisions. Last but not least, through our brands we try to turn “her” experience into a product, a service and a relationship that can live up to “her” dream. Enthusiasm: the drive needed to build something great “Without ambition one starts nothing”, said the philosopher R. W. Emerson: enthusiasm must be revived every day, and we try to do it supporting and promoting a relationship and a constant dialogue among the over 3,000 Teddy collaborators. How? Through corporate social media, live-streaming events and meetings and the corporate magazine: those tools help us to support relations among us every day, in order to make us never feel alone in small and big everyday challenges.
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Our essential figures CORPORATE
%
CORPORATE TAKINGS (REFERRED TO RETAIL PRICES):
1.106 BN €
TURNOVER
EBITDA ADJUSTED
671
80
MM €
TURNOVER PERCENTAGES ITALY/ABROAD:
61% 39% ITALY
MM €
RETAIL TERRANOVA 561 CALLIOPE 169 STORES
803 18
RINASCIMENTO 73
MARKETS
41
RETAIL
32
ONLINE
ABROAD
WHOLESALE
WHOLESALE CLIENTS
3,500
WHOLESALE MARKETS
84
INDEPENDENT MULTI-BRAND STORES
4,000
PEOPLE
CORPORATE ACADEMY
1
HOURS OF CORPORATE TRAINING PROVIDED EVERY YEAR
150,000
EMPLOYEES
3,269
AVERAGE AGE
33.1
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Turnover growth Teddy Group 700
622
642 642
600 550 500
485
671 621
564 540
506
494
420
400
381
300 257
279
322 307 294
334
224
200
194 164
AVERAGE ANNUAL GROWTH:
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13.9%
2022
2021
2020
2019
2018
2017
2016
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
1001
131
2000
1999
81 90
1998
1993
1996
1992
1995
39
1994
25 38
1991
1990
1989
8 10 15
1988
0
67 68 76
1997
100
113
Million Euros, last update 31/12/2022
Flagships and wholesale clients per geographic area FLAGSHIPS
Countries where flagships are located
Bosnia United Arab Emirates Macedonia
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WHOLESALE CLIENTS
Countries where distribution is through wholesale clients
Albania Belgium Camerun Canada Chile China South Korea Côte d’Ivoire Cuba Denmark Ecuador Finland
Germany Ghana Japan Republic of Djibouti UK Hong Kong India Indonesia Ireland Åland Islands Israel Kuwait
Lebanon Liechtestein Luxembourg Madagascar Malaysia Martinique Mexico Mexico Norway Netherlands Portugal Qatar
Republic of San Marino Republic of South Africa Singapore USA Suriname Sweden Taiwan Tunisia Turkey Uzbekistan
FLAGSHIPS AND WHOLESALE CLIENTS
Countries where flagships are located and countries where distribution is through wholesale clients
Saudi Arabia Armenia Austria Azerbaijan Byelorussia Bulgaria Cyprus Croatia Egypt United Arab Emirates Estonia Philippines France
Jordan Greece Iraq Italy Kazakhstan Kyrgyzstan Kosovo Latvia Lithuania Malta Morocco Moldavia Mongolia
Montenegro Poland Czech Republic Romania Russia Serbia Slovakia Slovenia Spain Switzerland Ukraine Hungary
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How we dress people: Our brands Our brands aim at conveying to our customers a positive message and an unforgettable experience, which can live up to our Dream. Our passion for customers is best represented by our brands and the experience customers can have with them, be they online customers or those popping in a point of sale. Our brands aim at conveying a positive message and an unforgettable experience to our customers, which can live up to our Dream. TERRANOVA Terranova is a POP brand created in 1988 in the land of smile and hospitality, Romagna! Radiance is our “trademark”: we love to spread creativity, ideas, passion and enthusiasm. Terranova is a brand for all. Our products, from menswear, womenswear, kidswear and underwear lines are colorful, ironic, innovative but, best of all, affordable. The new Terranova stores draw inspiration from the models of inclusivity typical of Rimini Riviera. Our team is always full of energy, highly trained to be friendly and kind in customer relationships. Our sales network extends across Italy and worldwide with 561 stores in 40 countries. Terranova style is simple and creative, young and trendy, a fit for anyone. We guarantee one of the best quality-price ratio in the market, with the greatest attention to details. We believe in the power of colors as a means to communicate happiness and optimism. We are committed to becoming the leaders in the New Trend, Jeanswear and Basic wear markets. Terranova, color your life. terranovastyle.com
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RINASCIMENTO Rinascimento is a brand offering a total look to a glamourous, modern woman, ready to show her femininity. It is the expression of femininity with a hidden drive and awareness of being a real woman, romantic sometimes, but determined and tough when needed, to live always life as a protagonist. In just a few years the brand won the retail market and customers, becoming the ambassador of Made-in-Italy fast fashion. How did we do it? Thanks to the Italian design and manufacturing tradition, the fast turnover of new stocks in stores, the quick response to market requests, the ability to detect and ride the latest trends, a great quality-price ratio, combined with creativity and variety in the clothing supply, Rinascimento can meet the needs of the most demanding customers.
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CALLIOPE Calliope aims at pushing people to express their own personality, so it creates a style based on the search for innovation as to always be charming without forgetting its Italian roots. Embrace Wonder is our style because we wish to welcome wonder, making it ours to give back the best of us. Calliope is a contemporary, trendy brand, creating collections through a careful selection of products and outfits fulfilling the needs of our customers for any occasion: work, leisure time and special occasions. The brand’s aspirational target are men and women aged between 30 and 45 and its offer includes menswear, womenswear, kidswear and underwear collections and accessories, constantly restocked twice a week. At December 31st, 2022, there are 169 Calliope stores in 22 countries. calliope.style QB24 QB24 clothing line was created to offer men the right piece of clothing at any time of the day and make them feel comfortable on any occasion, with the right outfit. QB stands for the Italian words “Quanto Basta” (“All You Need”), marking the search for the essential and the will to be yourself, yet not over-dressed, but with a distinctive personality. QB24’s target customer is a young man who wants to live life as a protagonist. A smart, self-confident man who likes to make a statement and is keen on details. Garments and accessories made with well-finished materials, rich in details, to make him feel comfortable and classy on any occasion.
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Retail and wholesale: the way we do business We manufacture a product and have the ability to distribute it, with a great added value compared to other brands: we love to do business with other entrepreneurs. Our business models are therefore designed and developed in collaboration with our business partners, as our 60-year history proves.
Retail: every day, all over the world, together with our customers. We could grow thanks to our franchising format ‘on a sale-or-return basis’ and the entrepreneurs who chose our brands to start their own business adventure. Over 150 franchisees in 40 countries have helped us to build our Dream in the last 30 years, making theirs come true. Every day we are ready to listen to them, talk and discuss with them, because inside Teddy doing business together is essential, is a strategy and is rewarding. A franchisee is to us a business partner with whom we need to work every day to achieve a common goal. The family-run model, the strong financial position and constant growth, which is selffinanced through the provisional net profits reinvested every year, combined with a consolidated international presence, are the best guarantee for an entrepreneur who aims at doing business with us with a long-term outlook. We also have flagships directly run by the company as to avoid losing touch with the market and upgrade our skills every day. Even our online business is managed at a company level or in collaboration with local business partners. Wholesale distribution: bringing the Made-in-Italy all over the world. Thanks to our integrated suppliers and through a network of distributors, sales agents, B2B e-commerce platforms and marketplaces, our fast fashion products branded Rinascimento and QB24 are marketed in thousands of boutiques and department stores. Virtual Showroom & B2B website working 24/24 Thanks to the online B2B service aimed at servicing resellers and working 24/24 it is possible to order a collection or arrange a new stock through your PC, tablet PC or smartphone within seconds. On our B2B website the latest fashion additions from our showroom are available, chosen by our Product team, together with information on the best-selling items, tips for shop window displays, promotions, previews and a dedicated newsletter. Furthermore, the new B2B Express service provides a guaranteed delivery within 5 working days for hundreds of best-selling garments and the trendiest items in stock.
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Sustainability Look at what it’s happening to our world. Maybe you think no one can save it. No one can change things as they are. But the truth is… everyone can do it.
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Our commitment for a future-proof company Everyone can start changing a small habit, set and achieve a small goal, try to do something in a different way, little by little. Is it enough? Yes, it is, if each one of us takes on their own part and if we avoid thinking of being too little to make a difference. Taking care of the planet and those who live on it is actually a heroic and monumental mission, which can be only carried out by normal people, just like us. At Teddy Group we have always believed that fashion must belong to everyone. Likewise, we think that it doesn’t matter who you are or where you come from: you can always change things, as long as you are not alone. We are not waiting for the hero who will save us all. We will start working on what truly matters. Now, together. Join us. Because everyone can do it. Everyone Can.
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Teddy approach to sustainability Together with our brands, we started a journey to grow and develop into a new business model, future-proof. We are shaping up to integrate the sound principles of sustainability increasingly more in our business philosophy, in order to guarantee a virtuous management, environmental protection and the promotion of human resources inside and outside the company.
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Our areas of commitment
everyone can
act right
Any Company has the opportunity to do the right thing, to choose to behave in a different way. It has to be a structural choice, which has to impact on the way goals are set and decisions are taken in a tangible manner, even on the most important ones. Therefore, thanks to our goal, to the continuous professional development of our managers and all our collaborators, we aim at improving our sustainability performances and submit periodical reports on our efforts, goals and landmarks. Learn more on everyonecan.teddy.it/act-right
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v
v
v
everyone can
heal the planet The impact of human activities on the health of the planet is there for all to see and requires us an immediate change of attitude. For companies like ours manufacturing garments, this means to reinvent the way in which we design our products as well as to rethink packaging, our stores and our Logistics management. We therefore set new goals to use more sustainable materials, joined the ZDHC international programme, work on the design of our products to design collections with the lowest environmental impact possible, give our contribution to decarbonization by committing ourselves to set goals to reduce our CO2 footprint in the short term, in line with climate science promoting Science Based Target initiatives. Learn more on everyonecan.teddy.it/heal-the-planet
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everyone can
care for people The respect and promotion of human dignity has always been one of the pillars of Teddy Group. Every day we run across the life of thousands of people, be they employees, suppliers, people within our community, and we feel the huge responsibility towards each one of them. From the care for those more in need to our programme of “corporate citizenship”, up to the protection of our own employees and supply chain: we wish to grow together, making our positive impact increasingly greater. Learn more on everyonecan.teddy.it/care-for-people
Learn more about our sustainability programme on
everyonecan.teddy.it
Our big Why: Teddy Dream Teddy Dream is to build up a large and global company that earns much money, enough to have the means to expand it, to create jobs and to use, every year, a part of the net profits to help weaker people, thanks to charities operating in Italy and abroad. The Dream is to build up a company where, thanks to their job, young people and even less young ones are able to give a meaning to their own life. The Dream is to build up a company where every five so-called “normal” people there is one who is people with disabilities or difficulties and where “normal” people help those less lucky to settle in their job environment and to live a normal life, because it is only through work that people discover their own dignity. The Dream is to educate brave, responsible, qualified management who is projected into the future without fear and who is able to convey all the values I spoke of before to all the people coming after them.
Vittorio Tadei, Teddy Group Founder
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Gruppo Teddy Via Coriano 58 Grosrimini, Blocco 97 47924 Rimini (RN), Italia Tel. +39 0541 301 411 Fax +39 0541 383 430 info@teddy.it
retail.teddy.it teddy.it Gruppo Teddy @GruppoTeddy Gruppo Teddy