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“It's frustrating to be talking about the macro environment once again in Q3, but our customers are still holding very tight to their wallets,” CEO Harvey Kanter said during an earnings call in late November, according to a transcript.
In recent years, luxury brands and fledgling investment groups have been spearheading a quiet-but-dramatic shift towards the consolidation of suppliers in Italy, intended to drive efficiency and traceability, and to protect the know-how buried in struggling small businesses.
“Once we found we had a really good, stable distribution network, client relationships and a foundation from an operational point of view, we knew it was time to find some much bigger licenses and opportunities like we [have] with Authentic.”