Start-Up of the Week: Edizione Limitata!
Jul 17th, 2008 by admin
Italian for limited edition, our spotlight start-up is the original, one-of-a-kind Edizione Limitata. Launched in 2007 by entrepreneur Sergio Meschi, Edizione Limitata taps into the notion that the power of many often has great advantages over the power of one. Here’s more from our start-up:
What businesses have you started? Are you currently working on a start-up? If so, please tell us about it (target markets, value proposition, clients, marketing programs, etc.).
SM: About a year ago, I started a business focusing on the luxury segment of Italian handcrafted products. The name of this project or rather, brand is Edizione Limitata, which was developed after a careful examination of the luxury goods market. This segment has been on an upward swing in recent years and continues to steadily grow due to consumer demand. The opening of the Chinese and Indian markets has played a significant role in this growth, and these markets are positioned for a continued phase of strong development. It is important to note that the market for luxury goods was one of only a few to have successfully escaped the crisis in Europe after the introduction of the Euro (2003).
To make a long story short, we found two key themes upon analyzing the market:
- There is a significant importance of and demand for products that carry the “made in Italy” trademark, synonymous with luxury and high quality.
- There is a necessity to maintain the handmade aspect of the goods within the luxury sector.
It was apparent that we needed to follow the same path that the firms involved in this project had been following for years: build a respected brand by offering a range of goods “made to measure” and with a better price-quality ratio. We were at an immediate advantage because these strengths had already been acquired – but not exploited. Many small Italian firms who specialize in the production of high quality handcrafted goods are forced to invest the better part of their incomes in product development, not marketing. This has placed them at a disadvantage when competing with the larger luxury brands.
All the firms structured under Edizione Limitata operate within precise criteria. Their products must be 100 percent “made in Italy” with no materials or goods sourced from other countries. Their products must be modern from a technical point-of-view – produced and processed under the highest of standards. In the end these are products “made with love” but also products that meet the needs and wants of today’s discerning customer. These entrepreneurs would never sacrifice respect and quality for commercial exploitation. However, harnessing the power of a cooperative group, they are able to tap into opportunities not previously available to them operating as sole entities.
The philosophy of Edizione Limitata is to uphold and protect the original “made in Italy”, value proposition. Far too often firms sell-out – placing the attention on a product’s image rather than its quality.
What have been some of your greatest challenges as an entrepreneur?
SM: One of my greatest challenges has been to bring together different entrepreneurs who are accustomed to working on their own, not in a group or on a team. Working as a team involves a common purpose and not following an individual interest. The firms which produce for Edizione Limitata have agreed to work together after many discussions and meetings, where I explained to them the opportunities they could harness working in collaboration with others as opposed to alone. Another challenge was explaining to potential customers that real luxury isn’t always found in highly-branded products; however, they must be equivalent to the high quality of these products.
Did you write a business plan?
SM: Yes, I wrote a business plan after a careful survey of the market for luxury goods and after having pinpointed some of the existing strengths and weaknesses.
What are some resources that you utilized (on and offline) during your start-up period and beyond?
SM: During the company’s start-up period I utilized the already acquired knowledge and skills of the entrepreneurs involved in Edizione Limitata, such as the solid experience of the President of Visconti, which has operated for more than 30 years in the luxury fountain pen market. I also placed my confidence in the company’s Web site, our various catalogues and the organization of key events – organized and brought about by our brand image director, who has significant experience in this market.
What advice can you give others looking to start their own businesses?
SM: For those looking to start their own businesses, I would say to them be persistent, proud and always on the lookout for new and original ideas, in order to remain visible among the thousand of ideas being brought to life every day by other entrepreneurs.
What’s next for you?
SM: I would like to grow the brands’ range, which can be achieved by opening branded shops both in Italy and in other countries. This would greatly increase brand value and offer opportunities to export the true “made in Italy” trademark abroad.
Send one of those shops over here, Sergio! There’s nothing like handcrafted Italian products.
