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Antichi Pellettieri acquires 100% of Finduck for €36.9 mn

May '08
Antichi Pelletieri S.p.A. a leading Leather Goods company controlled by Mariella Burani Fashion Group, announces it has signed a contract for the acquisition of 100% of the stock of Finduck S.r.L. (“Finduck”), from Finduck Group S.p.A. Finduck, founded in Bologna, Italy in 1977 owns the Mandarina Duck brand.

The Mandarina Duck brand, established amongst the leading international brands in the accessible luxury goods market, provides a full range of handbags and accessories for travel, work, and sports. The brand is particularly known for the light, functional nature of its accessories made possible by a unique, innovative mix of technical materials particularly suited to a young, dynamic clientele.

Finduck generated approximately €67 million of revenues in 2007 with a corresponding Ebitda margin in excess of 13%. The majority of the company's revenues are generated in Western Europe, providing Antichi Pellettieri an excellent opportunity to further develop the Mandarina Duck brand in emerging markets; markets that today generate over 40% of AP revenues.

Over 40% of 2007 revenues were generated from Finduck's extensive retail network that includes 94 Mandarina Duck boutiques world-wide (35 directly operated stores and 59 franchisees), of which 41 are located in Italy, 33 in other Western European countries and 20 worldwide. The international retail network of Antichi Pellettieri (176 boutiques at December 31, 2007) will be complemented by the retail network of Finduck, and is expected to include over 285 boutiques by year end.

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Antichi Pelletieri S.p.A.

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