3i, a private equity company, and funds managed by 3i have signed an agreement to invest 118 million for a 49% stake in the handbags and accessories division of Antichi Pellettieri S.p.A., the Italian branded leather accessories group. Antichi Pellettieri Group is the leather goods division of Mariella Burani Fashion Group.
The involvement and funding provided by 3i will bring together the brands in a new company, APB Srl (“Antichi Pellettieri Bags” or “AP Bags”), which will be the holding company of four handbags and accessories brands: Francesco Biasia, Braccialini, Coccinelle and Mandarina Duck. 3i will provide business development support to assist with further internationalisation of the business, penetrating new markets, particularly China and India, locations sourcing and selection, advertising and promotional management and developing retail operations.
“We have found the ideal partner in APB to compliment and further extend our international presence in the luxury goods sector,” says Marco Fumagalli, partner and managing director of 3i Italy. “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.”
“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,” says Giovanni Stella, Antichi Pelletieri’s CEO.