Eleventy CEO Marco Baldassari on Growth, Quiet Luxury, U.S. Expansion

MILAN — Eleventy is a rising force that has quietly been building a global footprint for nearly 20 years with a disciplined, effective formula.

As “quiet luxury” continues to hold sway, the brand’s success has dovetailed with the trend’s post-pandemic ascent. Like other companies playing in that league, Eleventy has proved that the cluster of customers willing to splurge on fashion that does not scream wealth is global and resilient.

“The journey so far has brought major satisfaction in terms of growth and brand awareness,” said the brand’s chief executive officer Marco Baldassari, who cofounded Eleventy nearly 20 years ago alongside Paolo Zuntini and Andrea Scuderi. He also serves as men’s creative director of the brand.

“We do not want to sell status. We want to sell product longevity,” the executive contended. “Our customers are deeply familiar with the high quality of our products, they embody the ‘old money’ aesthetics and do not want to show off. When they enter one of our stores and recognize the quality, the service, the design of the space and a quality-to-price ratio that is unique, they are willing to spend,” he said.

Eleventy’s Made in Italy offering across menswear and womenswear, the latter a burgeoning category, has thrived not just for its muted, easy-to-approach aesthetic, but also for smart pricing, catering to customers otherwise priced out by luxury megabrands.

A men’s summer suit in cashmere and silk comes at under 4,000 euros and the entry price ensemble — a linen single-breasted suit — retails for about 1,200 euros, the same price as a perfectly tailored women’s blazer.

“Quality is a major strength of the Made in Italy proposition we represent. There is not even a pin that is not made in the country. That gives us a powerful competitive advantage. It has been our strategy from the start, the product placed at the center of any move, to build organic, solid, long-term growth,” Baldassari said.

Showing its collections regularly during Milan Fashion Week, Eleventy is hitting the upcoming edition with a presentation on Sunday of its spring 2027 men’s collection, which includes two celebratory capsules for the brand’s 20th anniversary next year.

Named “The Indigo Blue” and “Active Moments,” they are dedicated to denim and leisurely activewear, respectively, two of the hallmarks of the Eleventy style. The former capsule reinterprets dressy denim and casual linen pieces, including blazers and field jackets, while the latter comprises T-shirts, sweatpants and shorts, as well as an ultralight sneaker.

“Next year is going to be a wonderful anniversary, which we view as both an achievement and a starting point, something we take as inspiration for the next milestone,” Baldassari said.

In 2025 the brand logged sales of 125 million euros, up 25 percent over 2024.

Baldassari said 2026 was off to a strong start, until the war in the Middle East erupted. The region represents about 8 percent of the business — but its disruption was offset by the U.S., the brand’s biggest market accounting for 45 percent of sales and still roaring, growing in the mid-double-digit range year-on-year.

“From a pure revenue standpoint, we expect to log growth in 2026, too, about 15 percent up versus 2025,” the CEO said. “Had it not been for the Middle East, it would have been an even more exceptional year. Geopolitical havocs cooled everyone’s momentum, we expect lower order volumes for spring 2027 [from the region] because they will be carrying inventory over.”

The brand is backed by Fashion Cube, an investment vehicle owned by a Qatar-based family office alongside Palladio Holding’s private equity fund Vei Capital, which first became a majority shareholder of the company in 2014. The three cofounders hold a minority interest.

In the U.S. and North America, Eleventy has carried out an aggressive strategy over the past few years. Alongside Europe, it’s the only market it directly manages through a subsidiary, while elsewhere it relies on local distribution partners.

The brand counts eight flagships in the region, including Madison Avenue in New York; Palm Beach and Bal Harbour in Florida; Greenwich, Conn.; South Coast Plaza and Beverly Hills in California; Las Vegas, and Toronto. Chicago and a resort pop-up shop in Southampton, N.Y., are up next, slated to open next month and during the summer, respectively. Eleventy also has wholesale deals Stateside, with Nordstrom and several specialty boutiques.

“The U.S. remains the strongest, most solid market to invest in. It is a mecca for every brand with its economy that is soaring thanks to the AI boom and generating a great deal of wealth that is flowing into consumption,” Baldassari said.

In Canada, in addition to the boutique in Toronto, the brand has linked with Holt Renfrew and Henry Singer.

“We are still at the beginning of the penetration process,” said Baldassari, eyeing potential units in Aspen, Dallas and Palo Alto, Calif., among others. “These locations are in extremely high demand, and when you find yourself competing with juggernauts for the same retail spaces, it requires lots of negotiations,” he said.

Eleventy has 15 flagships globally, including Paris, Milan, London and Geneva, Switzerland, among others, and three resort boutiques, and further retail expansion is a top priority. Baldassari said that a seasonal resort boutique in Saint-Tropez will bow for the summer, while Zurich is lined up for 2027.

Baldassari is convinced that retail needs to step up the game to maintain relevance and appeal.

“The old-fashioned boutique model built around just clothing is an outdated concept. New openings will include experiences for our customers. They expect welcoming environments, hospitality and an authentic shopping experience,” Baldassari said.

“The idea is to adapt to a changing world [where] luxury brands are required to create blockbuster, inclusive stores, filled with activations and initiatives where art, food and hospitality blend into a single universe meant to provide customers with a deep dive into the brand’s ethos,” he added. “The coffee you offer has to be the best, the snacks made with the most exquisite ingredients by marquee chefs.”

Eleventy has toyed with hospitality already, opening its first concept café curated by Michelin-starred chef Andrea Berton last year, inside its boutique in Istanbul’s Galataport sea-facing shopping complex. Baldassari even shared that he dreams of an Eleventy hotel where the brand’s lifestyle would be in full display.

With steady yearly increases, Europe remains a resilient market for Eleventy, while South Korea has experienced rampant growth, Baldassari said, noting that the brand’s partner in the country will open the eighth flagship before the end of year at the Shinsegae department store. Japan is also on a quiet but even growth trajectory, whereas China is still underdeveloped.

“If we were able to develop China the way we have the U.S., it would be a huge boost for the company. We still have unexplored markets, or markets where our presence is limited, that represent major growth opportunities,” the CEO said.

The company also sees growth opportunities with its spring collection, which take cues from Venice’s artistic heritage, with unexpected pops of rich nuances, including mustard yellow and cherry red for leisure suits with overshirts in lieu of blazers and suede trucker jackets paired with neutral underpinnings. Formalwear embraces a relaxed attitude, with most of the blazers coming collarless, with mandarin collars and kimono-inspired, paired with looser-fit trousers nodding to pajamas.

Another avenue of expansion for Eleventy is womenswear, which the brand has been unveiling twice a year during Milan Fashion Week in September and February. It currently accounts for 28 percent of the business and is under the creative direction of Zuntini.

“The brand has always had a more menswear-driven ethos, but womenswear has been growing season after season at the same pace as men’s, even within a context of strong overall growth. It’s a huge opportunity, women are known to spend three times as much as men because of the many different occasions of use,” Baldassari said.