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Italian leather goods manufacturer Piquadro has acquired an 80% stake in Il Ponte Pelletteria, the Florentine company which owns luxury leather goods brand, The Bridge.
Piquadro announced it has aquired an 80% stake in Il Ponte Pelletteria for €3.17 million and plans to have complete control of the company in future. The agreement is said to include purchase options on the remaining 20% of the company between 2021 and 2023.
In the year ended March 31, Piquadro reported €69.31 million in revenues (+3.1%) and a net profit of €11.5 million.
Founded in 1969, Il Ponte Pelleteria employs around 60 people at its workshop based in Scandicci, Florence. It has around 600 retail stores in Italy and another 700 worldwide. In the year ended December 31, 2015, the company reported sales revenue of approximately €22.2 million, a negative EBITDA of about €0.6 million and a net loss of €2.6 million with a net debt of €8.5 million.
"The craftsmanship, regional and ecological aspects of The Bridge make it an extraordinary and unique brand which, if properly exploited, can provide meaningful growth. Its positioning, complementary to Piquadro, will enable the group to generate synergies in various areas; distribution, industrial and financial”, said Marco Palmieri, President and CEO, Piquadro.
Source: Corriere della Sera/La Repubblica