Published on 5 June, updated on 13 June 2026
But the decline of department stores did not come out of the blue. For years, these department stores have struggled to compete with the rise of e-commerce, aggressive discounters such as Temu and Shein, and direct-to-consumer brands.
Here is a recent timeline regarding Coin:
Following the closure of the Grugliasco store, near Turin, which is set to close as early as January [2025], seven other long-standing stores are scheduled to close during the year: Roma Lunghezza, Roma Bufalotta, San Donà di Piave (VE), Latina, Vicenza, Milano City Life and Sesto Fiorentino (FI). The closures will affect a total of 92 employees.
- April 2025: Coin saved by the Italian government
My comment was: this, in my view, is a political manoeuvre that fails to take account of the reality of the situation: department stores are like dinosaurs, facing extinction due to e-commerce and the costs of the premises: rents that are too high, among many other factors, including: often obsolete facilities, with major access difficulties and challenges in receiving and storing goods.
I say this as a former Coin tenant, based on my experience with QB Mercato e Cucina, which I mentioned in my book *Le Ossa dei Caprotti*.
The following have subscribed to the capital increase, totalling €33.2 million: Mia, the holding company of the Exelite group owned by entrepreneur Marco Marchi, for €10.75 million; Invitalia, for €10 million; Sagitta Sgr, for a total of €10,986,085, Joral Investments for €1 million, and Hi-Dec Edizioni for €500,000.
Strangely, no member of the Board of Directors appears to have any experience in retail.
- June 2026: a further capital increase and the arrival of Mango in the shops.
Unfortunately , Mango, which is a solid company, does not acquire a stake by buying into the business: after all, given the circumstances – €35 million in losses for 2025 and three further closures – it was predictable that there would be no ‘white knights’ willing to save Coin, whose brand seems destined to fade away slowly but surely.
P.S.: It is hard to imagine that the 1,300 jobs will be saved, and indeed the workers, who are not stupid, have called a strike.
