WEBVTT - Businessweek Extra-Emanuele Filiberto di Savoia

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<v Speaker 1>This is Bloomberg Business Week from Bloomberg Radio. I'm Carol Masser.

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<v Speaker 1>Welcome to the Bloomberg Business Week Extra. It's a weekly

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<v Speaker 1>podcast with a favorite conversation from the week. And we

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<v Speaker 1>heard recently about two more iconic restaurants that have had

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<v Speaker 1>to close because of the coronavirus pandemic. We're talking about

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<v Speaker 1>the Cliff House in San Francisco closing its doors for

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<v Speaker 1>good after nearly fifty years with its current owners. But

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<v Speaker 1>it's a restaurant with a history that dates back some

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<v Speaker 1>one fifty seven years. Also closing New York City's twenty

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<v Speaker 1>one Club, although said to be exploring options, so fingers

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<v Speaker 1>crossed on that one. Overall, more than one restaurants have

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<v Speaker 1>closed permanently or long term across the country as the

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<v Speaker 1>industry grapples with the devastating impact of the COVID nineteen pandemic.

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<v Speaker 1>And yet, against this difficult and once in a lifetime

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<v Speaker 1>restaurant industry meltdown, Prince Emmanuel Philiberto di Savoya did the unthinkable. Emmanuel,

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<v Speaker 1>by the way, grandson of Italy's last king, He's operated

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<v Speaker 1>his long running Prince and Venice food truck serving at

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<v Speaker 1>Italian food for years on the streets of l A.

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<v Speaker 1>What was the unthinkable? The Prince opened his first brick

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<v Speaker 1>and mortar restaurant in the l A neighborhood of Westwood.

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<v Speaker 1>Here's our conversation. I had lockdown also in Italy. We

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<v Speaker 1>were completely shot. We couldn't go out of the house

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<v Speaker 1>for two months. And as soon as we were able

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<v Speaker 1>to reopen and when things were a bit clearer, I

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<v Speaker 1>had authorization to come to America and to be able

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<v Speaker 1>to open the restaurant. Well, so somebody, I'm thinking people

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<v Speaker 1>are listening, they say, well, why did you even pursue

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<v Speaker 1>opening the restaurant during a pandemic? Why did you so?

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<v Speaker 1>You know, everything starts with food trucks. Four years ago

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<v Speaker 1>I created the first fresh pasta food truck in Los

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<v Speaker 1>Angeles and we had a lot of success um with

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<v Speaker 1>with this concept, with this new concept because I was

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<v Speaker 1>doing my own pastas in the in the food truck

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<v Speaker 1>with organic products with Italian flower work, and people really

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<v Speaker 1>liked it. So um. Since then, I always had the

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<v Speaker 1>idea of expanding and opening a restaurant, and I really

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<v Speaker 1>found during the pandemic, I think through websites, through loop

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<v Speaker 1>net or I don't know which website. I really found

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<v Speaker 1>this incredible location with a beautiful courtyard, uh in a Westwood,

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<v Speaker 1>which is the university town, the medical town, and so

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<v Speaker 1>I decided to take it and to and and and

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<v Speaker 1>to to start this new adventure. And I really think

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<v Speaker 1>when you have an idea and when you you you

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<v Speaker 1>have the opportunity to do it, it's it's good to

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<v Speaker 1>to go ahead. You know, pandemic not pandemic. The important

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<v Speaker 1>thing is that my concept, because coming from a food

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<v Speaker 1>trump is really to go and a delivery concept. Mine

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<v Speaker 1>is a fast casual restaurant. I want people to eat

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<v Speaker 1>in a fast casual way, to take out delivery. I

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<v Speaker 1>also have a beautiful courtyard, as I said, but they

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<v Speaker 1>shut us down unfortunately recently. But all the idea is

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<v Speaker 1>to give the opportunity to people to taste real Italian

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<v Speaker 1>handmade past us. And now we do also pizzas and janis,

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<v Speaker 1>which are the rice cones, beautiful disser at a good

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<v Speaker 1>price and in a very good Italian quality. So, Emmanuel,

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<v Speaker 1>I want to take you back to the martin. You

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<v Speaker 1>said you're you're constructing your restaurant by FaceTime and by

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<v Speaker 1>skype from Italy. Um how easy was that? How difficult

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<v Speaker 1>was that? I mean, we're doing a lot of things

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<v Speaker 1>that we didn't do before virtually, and it's amazing all

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<v Speaker 1>the things we can get done well, and yes we can.

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<v Speaker 1>We did a lot of things that we couldn't get

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<v Speaker 1>done before. But in a certain way, it was quite

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<v Speaker 1>frustrating because you know, you really need to see the place,

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<v Speaker 1>to feel the colors that everything. But in in another way,

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<v Speaker 1>it was it saved me come greatly because as I

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<v Speaker 1>least this wonderful property, um, I was able to to

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<v Speaker 1>to not lose time and to start building everything even

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<v Speaker 1>if I couldn't go to America because of the pandemic.

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<v Speaker 1>So it really helped a lot. And and I think

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<v Speaker 1>we discovered a lot of also a lot of things

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<v Speaker 1>that we are we were able to to to do

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<v Speaker 1>during this pandemic and and and to continue our our

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<v Speaker 1>daily work and our daily contact with people. Yeah, which

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<v Speaker 1>is pretty remarkable. So tell me about how the restaurant

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<v Speaker 1>is running right now? As you mentioned another shutdown, So

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<v Speaker 1>how are things going? So I was. I was very

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<v Speaker 1>happy because, as I told you, I had this wonderful

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<v Speaker 1>more than a thousand square feet courtyard which was very

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<v Speaker 1>nice and for the first week we opened and people

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<v Speaker 1>were enjoying it with social distancing, with everything needed to

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<v Speaker 1>keep everyone safe, and suddenly they shut down. Also the

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<v Speaker 1>courtyards in um In in Los Angeles, like I think

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<v Speaker 1>they starting today in New York. So we had too

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<v Speaker 1>well to recreate a bit everything and to to really

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<v Speaker 1>focus in on the two go and on the delivery side, which,

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<v Speaker 1>like I told you before, for me it was quite

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<v Speaker 1>easy because coming from a food truck idea, it was

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<v Speaker 1>really a to go business and I really believe in

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<v Speaker 1>those models now more than ever, those kind of fast,

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<v Speaker 1>casual but high quality restaurants. Well, and so how busy

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<v Speaker 1>have you been and how much of it have you

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<v Speaker 1>been able to you? Obviously, as you said, because it

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<v Speaker 1>was a food truck initially, it sounds like the pivot

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<v Speaker 1>was relatively easy. But I'm just curious, what kind of

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<v Speaker 1>business activity have you had in terms of take out

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<v Speaker 1>orders or delivery. So listen, we we the activity was

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<v Speaker 1>a bit fifty fifty. We work with the biggest platforms

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<v Speaker 1>from Postmates, you Breath, Slice, so it was a bit

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<v Speaker 1>fifty fifty like delivery and the two go. I can

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<v Speaker 1>tell you something is that opening like exactly one month

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<v Speaker 1>ago because I opened on the of November of via November. Um,

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<v Speaker 1>we are starting to break even. That mean I am

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<v Speaker 1>not losing money today with I kept all my staff,

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<v Speaker 1>I kept my two cooks, my manager and everyone, and

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<v Speaker 1>we are not losing money. So I think the the

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<v Speaker 1>idea is good and it shows that even during difficult

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<v Speaker 1>moments like this, and and at the beginning you were

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<v Speaker 1>speaking about those incredible iconic restaurants which are unfortunately closing today.

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<v Speaker 1>But people who have ideas and people who have ideas,

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<v Speaker 1>integrating today what we can do and what we cannot do,

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<v Speaker 1>and taking also consider ration about the pandemic and what

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<v Speaker 1>is happening. I think it's worth trying them and and

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<v Speaker 1>and and and try to build something because from this period,

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<v Speaker 1>if it goes well, it can only grow. So I

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<v Speaker 1>think we must look forward and and really think that, yes,

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<v Speaker 1>it's a very difficult moment to pass, but if this

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<v Speaker 1>succeeds now, it can only grow well. And I do wonder,

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<v Speaker 1>you know, in terms of if you look at the

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<v Speaker 1>restaurant industry, I mean it's just been decimated, and I

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<v Speaker 1>do wonder how much ultimately comes back, our new ideas

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<v Speaker 1>come back um, you know after such you know, after

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<v Speaker 1>after such a significant loss. Yes, don't know. Well, the

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<v Speaker 1>problem is that a lot of of of of restaurants

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<v Speaker 1>which didn't have this this idea of to go or

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<v Speaker 1>or delivery before the pandemic. For them, it was very

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<v Speaker 1>difficult to to to then turn and to habituate the

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<v Speaker 1>customers to come and and and and and take from them.

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<v Speaker 1>Or I'm thinking about the us, the bars, the restaurants.

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<v Speaker 1>This is it's terrible for them. But I think a

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<v Speaker 1>lot of way I'm you know, I was looking a

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<v Speaker 1>lot about all the leasts that were done in Los

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<v Speaker 1>Angeles restaurants. Things are moving and people are leasing places.

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<v Speaker 1>I know that next to me doughnut places opening. Um.

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<v Speaker 1>So I think people are now seeing the light at

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<v Speaker 1>the end of the tunnel, hopefully and and so they're

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<v Speaker 1>preparing themselves for the big reopened. I don't know when

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<v Speaker 1>it will be. And and but you know, also this

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<v Speaker 1>big reopened there is careful. Being careful is also very

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<v Speaker 1>important because I can tell you from Europe now I'm

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<v Speaker 1>seeing the situation in Italy where they were to shut

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<v Speaker 1>down and they completely reopened. And and today I saw

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<v Speaker 1>some images of the center of Milan full of people

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<v Speaker 1>with no protection, and I think, where do you know?

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<v Speaker 1>Sometimes I think the governments or who is taking care

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<v Speaker 1>of this are really not prepared and they're trying to

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<v Speaker 1>do the thousand things in the same time. Well, there's

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<v Speaker 1>no coherence. Well, Emmanuel, and I did want to ask

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<v Speaker 1>you because you do, I assume have family back in Italy.

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<v Speaker 1>I mean, what you guys are hearing about how things

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<v Speaker 1>are going or you know, we're we're pretty you know,

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<v Speaker 1>kind of bracing for pretty dark winter. It's I feel

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<v Speaker 1>like they overuse but maybe appropriate ap properly overused phrase

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<v Speaker 1>to describe what we're all waiting for in the next

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<v Speaker 1>month here when it comes to the virus in the US.

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<v Speaker 1>But just quickly, just got about forty seconds here. Um,

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<v Speaker 1>how what are you hearing from your family over in

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<v Speaker 1>Italy when everyone is is very scared because you know, um,

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<v Speaker 1>the government wants to open for Christmas and because Christmas

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<v Speaker 1>and Italy is very important. Fim are gathering somebody together

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<v Speaker 1>or think but um in the in the same time,

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<v Speaker 1>I don't think it's a very good idea. I think

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<v Speaker 1>people you must follow a line, a line of thinking

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<v Speaker 1>and and Christmas or not Christmas. You know, it's easier

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<v Speaker 1>to put someone at your table than to take it off,

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<v Speaker 1>uh indefinitely, and and think that this guy will be

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<v Speaker 1>a grave soon. So we must really be careful. We

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<v Speaker 1>must really be careful. And that wraps up our Bloomberg

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<v Speaker 1>Business Week Extra podcast with Prince Emanuel Philiberto Did Savoya

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<v Speaker 1>talking about opening up his first brick and mortar restaurant

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<v Speaker 1>amid the pandemic. You've been listening to Bloomberg Business Week Extra,

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<v Speaker 1>be sure to listen to Bloomberg Business Week Radio, airing

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<v Speaker 1>live Monday if you're Friday at two pm Wall Street

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<v Speaker 1>Time on Bluemberg Radio. I'm Carol Masser. This is Bloomberg