Italian cycling apparel brand, La Passione, has announced a major investment that will secure its long-term strategic growth plan.
The clothing brand has received a new capital increase of seven million euros over four years that will enable it to increase its brand awareness, explore new territories and accelerate its growth in the market.
Giuliano Ragazzi – CEO & Founder of La Passione, said: “We are very happy to receive unceasing appreciation not only by the market but also from our historical investor members, important international investment funds and business angels, who have immediately believed in us and are enthusiastically providing their resources and experiences to strengthen the success of the brand. We have climbed many positions in the market in terms of sales, becoming a relevant brand in the industry. Now we want to increase our brand awareness, exploring new territories where online and offline marketing are integrated. The round will grant the development of these new projects”.
Yurika Marchetti, COO & Founder, said: “Our business model has already allowed us to reach over 41 countries in a short period of time, establishing solid relationships with clients from every corner of the world and from every continent. We are focusing on the creation of new product lines dedicated to new end-users, people who have rediscovered the bicycle for different reasons – pandemic, pollution, traffic – and using it not only as a sport, but also as a practical and useful everyday mobility vehicle”.
The institutional investors who originally supported the 2019 round of investment have confirmed their trust in the project. These are: Milano Investment Partner (MIP), Club Italia Investimenti 2, Club Digitale and Cyclo Club.
Alberto Grignolo, ex-Coo of Yoox Net-a-Porter Group, and Andrea Tonti, ex-professional cyclist with active participation in numerous editions of the Tour de France, Giro d’Italia and World Championships are also joining.
Alberto Grignolo said: “I am honoured to fully confirm my trust in La Passione, in its co-founders and in the team. The project is the best expression of Italian potentials in the digital world: market intuition, product and style Made in Italy, perfect digital execution. All to a global reach. The extraordinary growth and great successes achieved by La Passione in 2020 are further proof of the enormous potential of this project”.