Italian Design Brands Changes Its Name to Dexelance
The new name represents the group's increasingly international profile.
MILAN — As it looks to grow beyond Italy, Italian Design Brands has changed its name to Dexelance, an amalgamation of the words design and excellence.
“With the birth of Dexelance, we are not only strengthening our position at the national level, but we also set the ambition to accelerate growth, both organically and by external lines, by playing a leading role in the global reference market,” Dexelance chief executive officer Andrea Sasso said Thursday. A video reel shared at a presentation at Milan's Triennale di Milano museum Thursday revealed the brand's new ethos, built on Italian craftsmanship and values with an eye on integrating “international brands.”
The announcement follows statements made by Dexelance's top management earlier this month, revealing it was eyeing new acquisitions and was in talks with potential companies. At the time, Sasso said the company's initial public offering raised its profile.
“We are working on it and are very strong with regard to our M&A agenda…the stock exchange increased communication with more brands,” Sasso added, noting that they were not ready to reveal anything definitive. Dexelance managing director Giorgio Gobbi stressed, however, that the company is not planning a transformational acquisition in 2024. “We hope that at least one will come on board, but that can occur at the earliest in 2025, not now.”
The first Italian design firm to list its shares on the Milan Stock Exchange, Dexelance is home to 11 Italian companies and 14 Italian brands, and counts North America as its second most important market in terms of sales. Italian Design Brands is the parent company of upscale brands Gervasoni, Meridiani, Saba Italia, Gamma Arredamenti International, Turri, Binova and Cubo Design kitchens, and modern lighting brands Davide Groppi, Flexalighting and Axolight.
The company opened its first U.S. flagship in New York City last October that hosts dedicated showrooms for Meridiani and Davide Groppi.
The move was part of the company's long-term plan to expand in the U.S. and the group continues to scout investors and partners to open doors in cities like Chicago; Miami; Dallas; Washington, D.C., and Boston, which are considered key to the growth of the group.
Earlier this year, Tamburi Investment Partners, or TIP SpA, bought a majority stake in IDB's parent company. TIP, which is helmed by Giovanni Tamburi, founder, chairman and CEO.
“I am convinced that the current times are particularly well suited to consolidate,” Tamburi said adding that the sector has “enormous potential” but “is too fragmented” to cope with the current global market challenges.
In 2023, the company outperformed the performance of the furniture sector with revenues of 310.8 million euros, up 16.6 percent compared to 2022, as it posted strong performances across all of its brands. Sasso said the company would continue to grow in 2024.
FederlegnoArredo, the Italian federation of woodworking and furniture industries, said the year 2023 was expected to close with a steep drop, with the value of the wood furnishing supply chain seen posting a 7 percent decline in terms of revenue, with exports falling 7.2 percent.