Italian footwear company ACBC is ready to conquer the U.S. market. The firm, which specializes in designing and manufacturing responsibly-made shoes, is gearing up to file for an initial public offering, or IPO, on the New York Stock Exchange in the first part of 2024 as it sets its sights on increasing its influence in America.
Gio Giacobbe, co-founder and CEO of ACBC, told FN in an interview that while he is already working with a handful of American companies — like Capri Holdings — he’s ready to “export” ACBC’s methodologies to the United States. “We are in a very strong position here in Europe and are working with all the major players in the industry,” Giacobbe said. “It’s time that we find a way to get more American companies to become part of our movement.”
In total, ACBC has collaborated with more than 50 companies on shoes, including Missoni, Diadora, Themoirè, MSGM, Pinko, Piquadro, Garmont, Geox, Save the Duck, Philippe Model and many others. It also has its own in-house shoe collection and is slated to release even more collaborations in coming months.
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Giacobbe said the IPO is just part of what he wants to accomplish. “We want to be a socially conscious public company that uses its stock as part of the dream and part of the change, ultimately allowing employees and shareholders to be incentivized along the way to fostering a cleaner planet,” he said.
Founded by Giacobbe and chief sustainability officer Edoardo Iannuzzi in 2017 via Kickstarter, ACBC — an acronym for Anything Can Be Changed — has hit several key milestones in recent years. After raising $700,000 in its first Kickstarter, ACBC launched a second one in 2019 in order to fund what it called “the world’s most sustainable shoe.” At the same time, a $5 million capital increase brought in additional backers, which allowed the company to invest in marketing, workforce and enhance its direct-to-consumer approach.
Fast forward to 2021, the firm’s position and authority in the sustainable fashion sector was further cemented when ACBC became the first Italian footwear company to receive a B Corp certification. This came all while seeing rapid growth during the pandemic, as more companies became increasingly interested in sustainable goods.
Now, according to ACBC, the company is reporting 132 percent growth in sales in 2022, reaching earnings before interest, taxes, depreciation and amortization (EBITDA) of 2 million euros ($2.17 million based on current exchange) last year. And in 2023, ACBC aims for double-digit growth compared with 2022 and has set a new goal of reaching 10 million euros ($10.9 million) in EBITDA over the next 4 years.
Some of this will be reinvested in ACBC’s research and development arm to continue to develop new sustainable materials. Overall, the company noted that around 1 million euros ($1.1 million) will be poured into research and development in 2023, adding to the already 7 million euros ($7.6 million) invested in R&D since the foundation of the company.
The growth gives Giacobbe’s confidence that his company’s mandate is working. The CEO told FN that his ultimate goal is to change 1 percent of the market by 2027. “The shoe market is estimated to grow to about $530 billion by 2027, and the industry is producing roughly 26 billion pairs of shoes per year,” Giacobbe said. “We want to be able to make sure that at least 1 percent of this industry is producing responsibly.”
Achieving this goal may be ensured by ACBC’s newly launched communication, public relations and media business division. The company said this new arm of the business will aim to help their clients and collaborators to create “custom multimedia content strategies” to effectively communicate their new eco-friendly product.
“Most of the companies we work with are not experts in sustainability,” Giacobbe admitted. “It’s our job to help them effectively educate their end consumers about their new ‘green’ product in that specific company’s unique brand voice. Everything is customizable.”
The new content service adds to ACBC’s already agency-like business model. Giacobbe noted that his business is divided into three parts: consulting, production and sales. “Part of the process includes material sourcing and development, sustainability strategies and compliance, eco-production and now communication services to spread the message of your new product to consumers,” he said. “We are working with the client every step of the way to create a responsible product that fits with their individual business needs. We’re not a ‘one size fits all’ company.”
Looking ahead, Giacobbe is optimistic about his company’s future. “The next five years for ACBC will be exciting,” he said. “We are on track to become a very big player in the industry, as we aim to support as many brands as possible that want to add responsible products to their businesses.”
