On Monday, the Italian department store said it has signed a long-term rental agreement for a landmark location adjacent to its prime unit overlooking the Duomo cathedral here, 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 chief executive officer Pierluigi Cocchini said the company 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 square feet 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.
As reported, the department store 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.
“We were already strong in beauty, but now we have this chance to be even stronger,” said Cocchini. “This is such an important category, a traffic-builder and one showing a positive tension since a few years now. Brands that already have a beauty business are further strengthening it, and those which don’t have it are launching it,” continued the executive, underscoring cosmetic products’ key role in offering a more approachable, first entry to luxury brands for consumers.
“Then there are the indie labels, with new names popping out every day. We had them in our Beauty Bar but we didn’t have beauty treatments, for example, so that would be an interesting part to explore, too. This is a wider, 360-degree approach to the category, that goes beyond just selling products.”
Pierluigi Cocchini
According to Cocchini, the new space is expected to attract 3 million visitors in its first year. “In Milan, our beauty sales currently reach 50 million euros. We expect these to grow to 80 million euros in the first year since the opening of the new hub, with the goal to total between 130 million euros and 140 million euros once this space is fully set up,” said Cocchini.
With the new destination the retailer is targeting Millennial and Gen Z customers, as the latter are set to represent 25 percent of its customer base in five years. In the last 12 months, 36 percent 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. “We went through a similar restyling process when we opened the Roma Tritone [unit] in 2017, after more than 10 years of works,” recalled Cocchini. “We will keep the same approach with this historic building: we’ll show respect for the place hosting us and try to enhance it by combining its historic features with modernity.”
Costanzi, who already restyled Rinascente’s unit in Florence and has recently worked on Dior’s new headquarters in Paris, kept details of the new interior concept under wraps, but it is understood that the space will maintain a tie with its previous use not just stylistically, since four movie halls are set to continue to operate in the basement. To further boost the experiential ante, 7,534 square feet will be dedicated to a food area, with a bar on the ground floor and a more extensive destination on the second floor.
Rinascente’s Milan flagship.
Cocchini underscored that the new project will have a domino effect on the main Rinascente building unit, too. The area previously focused on beauty brands will be revamped and repurposed to expand the accessories, watch and jewelry categories, therefore doubling the current retail surface dedicated to these segments to 21,527 square feet.
“Our total investment will be around 40 million euros, split in 30 million euros for the Odeon plan and 10 million euros to revamp the ground floor, in a project we dubbed ‘Grand Floor,’” said Cocchini, underscoring that an additional 10 million euros 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 200 million euros to 370 million euros in the first year of the new layout.
“The accessories category is a huge point of strength for us, but at the same time also of weakness if we consider the square feet available for each brand,” said Cocchini. “The problem with Italian department stores is that our cities are medieval or trace back to the Renaissance, so the spaces can’t be compared to those in Paris or London,” continued the executive, comparing Rinascente Duomo’s total 226,042-square-foot surface with those three or four times bigger in other European capitals.
The department store’s jewel-in-the-crown unit, Rinascente’s Milan flagship draws an average of 8.3 million visitors a year and generates around half of the company’s total sales. The retailer, which is controlled by Thailand’s Central Group and has a network of nine locations in Italy, hit the 1 billion euro sales mark last year, reporting a 16 percent increase versus 2022 and 14 percent 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 percent and 30 percent, respectively.
“Despite the two wars and a crisis in the luxury world, I think we will beat last year’s record. These upcoming three months will be key, now our sales are up around 1 or 2 percent [versus last year], so let’s see what happens,” said Cocchini.
