Yahoo Finance After 30 Years in Business, Assouline Plots Retail Expansion — Including on Madison Avenue
“We’re not a publisher. We’re a luxury brand.”
That’s how Alexandre Assouline, chief of brand, operations and strategy for Assouline Publishing, asserts his company’s essence has evolved.
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This year, Assouline celebrates its 30th anniversary, and marking the moment with a surge of product development, testing and a heady retail expansion with freestanding boutiques and “corners” inside department stores.
Coming up, store openings on Manhattan’s Madison Avenue; in Riyadh, Saudi Arabia; Marrakech, and Miami, bringing the total to 18 stores this year. Last April, there were openings in Marbella, Spain, and Mexico City.
In addition, 12 corners inside department stores around the globe will open this year, bringing the total to 37. Pop-ups are also planned in Porto Cervo, Sardinia, and elsewhere.
“A few years ago, we totally decided to focus on this strategy, and to stop working with distributors. You tell that to someone in publishing and they think you’re crazy,” Assouline said. That decision entailed adding a logistics team, and gives Assouline “full brand control,” he said.
“I have a three-year plan. I expect to open 10 stores in the next three years, starting in 2025. They can be in important cities like Milan, but a place like Saint Tropez is very important for us as well. In our own boutiques, we can control well the experience you discover,” he said.
Alexandre is the son of Prosper and Martine Assouline, the married couple that founded Assouline Publishing in 1994. Alexandre’s wife, Solange, works with Alexandre on strategy and development and his brother Sébastien works on designing certain books. The business remains family-owned and -operated, though LVMH Moët Hennessy Louis Vuitton has a minority stake and serves as adviser.
Assouline is renowned for luxurious, meticulously designed, oversize coffee table books on fashion, art, architecture, photography, sports and travel. Among the bestselling titles, “James Bond Destinations,” “Chanel 3-Book Slipcase,” “Paris Chic,” “New York by New York,” “Capri Dolce Vita,” “Barbie” and “Formula 1: The Impossible Collection.” A book on legendary heroes of the Olympics will be issued June 26 prior to the 2024 Summer Games in Paris.
On a recent Friday, Alexandre gives a tour of the two-level Park Avenue headquarters, where there are 100 workers involved in product development, design, finance, legal, logistics and more. There are secured archives on the premises, housing hundreds of special editions, including the “Ultimate Collection” of books priced starting at $1,200, which the family characterizes as “an homage to the art of luxury bookmaking.” Some special editions cost in the five figures. Another 20 workers are based in Paris.
While producing sophisticated content is central — 100 titles are published each year — Alexandre emphasizes that product development and retailing are matters of growing importance. The business is developing home fragrances, including sprays and diffusers, as well as library accessories, and additional scented candles after last year’s introduction of six inspired by travel destinations. “We’re developing a whole fragrance department. We’re testing things,” Alexandre said.
A service for designing libraries within condos, offices and hotels is being resurrected, but it’s in the early stages of planning. “For your bedroom, you go to Frette. For your library, you will come to us,” Alexandre said. “We want to start owning the library space as a luxury brand. We want to start creating everything that you might find in your library.”
Prosper started the library concept 15 years ago, completed a few projects, and then stopped.
“I found a bit of his sketches in a drawer, and it was amazing,” Alexandre recalled. Picking up on where his father left off, Alexandre led about 10 library projects in New York City luxury condos from 2018 to 2020. Then, he too, paused. “Now we are working on relaunching this in a very serious manner,” rather than dabbling in it as before. “It’s a fully customized service. We’ll curate the millwork, the carpeting, the tables, the art, even the lighting, and we will bring in the books, but not just our books. We will start sourcing other publishers.
“We want to be the authority on luxury library design. We already have lots of clients very interested.”
On June 21, a 900-square-foot boutique opens on Madison Avenue and 62nd Street, on the site of the former Nello’s restaurant. The boutique will showcase Assouline’s full range of luxury books, from special editions and handcrafted “Ultimate” volumes, to the travel series and other diverse collections. In a first for the brand, there will be a cozy four-seat bar serving an all-day menu of pastries, fresh juices and coffees.
“We kept the bar. We’re are going to serve coffee and refreshments. There will also be an important selection of vintage objects curated by Prosper,” along with requisite collection of books and other products, Alexandre said. In Manhattan, Assouline also has boutiques inside The Plaza and The Mark hotels. A pop up in the Meatpacking neighborhood will close.
The Riyad store is scheduled to open in October. At 10,000 square feet, it will “really showcase all of the range of our products,” Alexandre said, including vintage objects, an “Ultimate Lounge” for the Ultimate Collection, and a restaurant occupying an entire floor.
The Marrakech store, with 550 square feet, is scheduled to open later this month, as is the 500-square-foot Miami boutique, located in Bal Harbour Shops.
Before Assouline opens a store, “We really need to fall in love with the place. We need to see that the layout is going to work for us. The location has to be surrounded by luxury. That’s what works really well for us in general, and also make sense for our customers. We are storytellers for these luxury brands. We create books to celebrate their heritage or an anniversary.”
Whether its a freestanding stores or a shop inside a department, there’s a consistency in design, with Assouline’s signature Pantone red walls, brass logo and walnut shelving. “All of our codes are there,” said Alexandre, adding that his company provides training, marketing and other support for the shops-in shop, but not the manpower.
“Yes, we’re involved in a lot of projects, but we make sure to assign the right teams to do it, and to not do everything at once,” he added.
Asked how he likes working with his family, Alexandre replied, “Prosper comes with the vision, but as a family we must agree on these plans to develop the brand. It’s our name there. So on every product as well on every storefront, it’s important for us to be aligned, [including] the department heads.”
Alexandre has been working in the business for 10 years. “Right now, I absolutely love it. Of course, there were some rough patches at the beginning for me, as I tried to find my place. It was complicated.” He had to build trust with the team.
Early on, he opposed his father’s decision to open a store in Venice. “I couldn’t see it at the time,” Alexandre said. “I didn’t see the whole picture, but in the end he was right. So I was learning and I keep learning every day from them. It’s been an amazing journey. I spend a lot of time with my family every day. We create something beautiful to inspire people. I get here at 8 a.m. Prosper is here an hour before.”
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