Home / Knowledge / News / Fashion / Itochu buys 3.3% equity interest in Antichi Pellettieri for €10m

Itochu buys 3.3% equity interest in Antichi Pellettieri for €10m

Feb '06
Mariella Burani Fashion Group has announced the sale of 3.3 percent equity interest in Antichi Pellettieri, the group's Leather Goods division, to Itochu Corporation for €10 million.

The operation solidifies the long standing relationship between MBFG and Itochu and provides MBFG a partner with unparalleled expertise and distribution capabilities in Japan and in other countries in the Far East.

The operation is contingent on the finalization of the acquisition of control of Coccinelle. The acquisition of 51 percent control in Coccinelle by Antichi Pellettieri, announced on February 24th 2006, is expected to be finalized in mid-April, with the approval from the Austrian and German antitrust authorities.

Antichi Pellettieri, the Leather Goods division of MBFG, houses group companies specialised in design, production, and international distribution of leather handbags, accessories, footwear and apparel collections. AP has realized, over the past 4 years, average annual revenue growth of 22 percent and Ebitda growth over the same period of 23 percent.

AP represented 31 percent of 2005 consolidated group revenues and 33 percent of consolidated group EBITDA in 2005. With the acquisition of Coccinelle, AP will generate 40 percent of group revenues.

L Capital became a strategic partner of MBFG in 2003 and is currently the group's second largest shareholder with a 6.4 percent equity interest in MBFG and a 10 percent equity interest in Antichi Pellettieri.

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