Italian handbag and accessories manufacturer Antichi Pellettieri is eyeing expansion in new international markets, after private equity firm 3i bought a 49% stake in the business last week.
The €118 million (£93m) deal will result in the Italian firm, which is the leather goods arm of Mariella Burani Fashion Group, creating a new company called AP Bags. Antichi Pellettieri will retain control of the new company.
AP Bags will be a holding company for four of the group’s accessories brands; Coccinelle, Braccialini, Francesco Biasia, and Mandarina Duck, which the group is in the process of acquiring. Giacomo Santucci, former Gucci Group chief operating officer and managing director of Salvatore Ferragamo, has been appointed a non-executive director.
The funding will help drive the brands’ presence in China and India.
Giovanni Stella, chief executive of Antichi Pelletieri, said: “We share a common strategy with 3i and are optimistic about the opportunities provided to AP Bags by the network of strategic and industrial partners that 3i has developed in the emerging markets.”