3i buys 49% of Antichi Pellettieri's bags & accessories biz

20 Jun '08

5 min read

APB is expected to accelerate its growth in the Chinese and Indian market, where its presence is currently limited, by leveraging on 3i's extensive network of strategic and industrial partners in the region, such as Printemps China Department Stores, a department store operator focused on luxury and high-end branded fashion and accessories with a network of 12 high-end department stores across China.

The founder of PCD is Alfred Chan, who also owns Ports, active in the design, production, and distribution of fashion apparel and accessories collections with 350 stores in China, North America and Europe, turnover of USD 1.4 billion and a market capitalisation of USD 1.6 billion.

With the help of 3i, APB is expected to generate over €450 million by 2011, driven also by the expected reinforcement of its international distribution network to include the inauguration of 100 boutiques over the next four years.

Antichi Pellettieri SpA will maintain control of the footwear division (brands Baldinini, Sebastian, Cerutti, Missoni, Pfister) and of the leather apparel and prêt a porter collections (Ter et Bantine, Mandelli and Vivienne Westwood). This is the fastest growing division of Antichi Pellettieri Group and is expected to generate revenues of approximately EUR 160 million for the year in progress; revenues in the first five months of 2008 have grown by 38% compared to the same period in 2007.

Giovanni Stella, the CEO of Antichi Pellettieri, stated “We share a common strategy with 3i and are optimistic about the development opportunities provided to APB by the extensive network of strategic and industrial partners that 3i has developed in the emerging markets”.

Marco Fumagalli, Managing Director of 3i Italy noted: ““We have found the ideal partner in APB to complement and further extend our international presence in the luxury goods sector. The deal will reinforce our already strong presence in the international luxury goods sector and will allow us to develop synergies among our portfolio companies, generating value for our shareholders.”.

Sole advisor in the transaction: Tamburi & Associati – Advisory division of Tamburi Investment Partners S.p.A. Advisors for Antichi Pellettieri in the transaction were Lagance Studio Legale Associato and Studio Marchesi Colombo Cipolla Mattavelli & Associati; Advisors for 3i in the transaction: Studio Legale Chiomenti, KPMG, and Value Partners.

Antichi Pelletieri S.p.A.

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