Itochu acquires Antichi Pelletieri

The Itochu Corporation has acquired a 3.3 equity stake in Antichi Pellettieri, the leather goods division of the Mariella Burani Fashion Group. Itochu purchased the stake for €10 million (£6.8 million).

The two partners already have long-standing relationship, which is now solidified by this transaction. It also provides the MBFG with an experienced business partner with extensive distribution capabilities in Japan and other Far Eastern countries.

The finalization of the deal is dependent on the acquisition of control of leather goods brand Coccinelle. In February of this ear, Antichi Pellettieri announced it had acquired 51 percent control in the brand. The deal is expected to be finalized in mid-April, pending approval from the Austrian and German antitrust authorities.

Over the past four years, Antichi Pellettieri realized an annual growth of 22 percent and earnings before tax and interest of 23 percent.

The division represented 31 percent of the consolidated group revenue last year. With the acquisition of Coccinelle, AP will generate 40 percent of group revenues.

MBFG currently has 241 stores world-wide, including two directly owned Braccialini stores in Hong Kong, seven franchises of the Braccialini, Baldini, Francesco Biasia brands in Shanghai, Hong Kong and Seoul, three Coccinelle stores in Singapore and Tokyo and 33 shop-in-shops.

Itochu Corporation is one of Japan's leading trading companies with a worldwide network of over 670 companies in 80 countries.