MILAN – Beauty is growing not only shoes.
Italian shoemaker, was released to the public last November on Euronext Growth Milan, Milan Bourse’s segment dedicated to small and medium-sized companies, said on Wednesday that it has acquired an 80% stake in Emmegi Srl, a Padua-based maker of women’s handbags. , Italy is in the high-end segment, with a price of 480,000 euros.
Beautiful Footwear describes the acquisition as a further step into the luxury sector following the takeover last July of Favaro Manifattura Calzaturiera, a Veneto-based maker of high-end footwear.
As part of the agreement Nice Footwear and Emmegi are entitled to exercise “call” and “put” respectively. In particular, the shoemaking company can increase its share ownership rate up to 100% within the next three years.
The market rewarded shoemakers for this acquisition as the shares traded rose 1.60% to 12.70 euros at the close of trading.
Founded in 1977 in Maserà di Padova, in the Veneto region, a manufacturing center known for its expertise in footwear, leather goods and knitwear, Emmegi has 2020 sales of €1.8 million, Most recent figures available.
Bruno Conterno, chief executive officer of Nice Footwear, told WWD: “The acquisition is part of our diversification strategy aimed at completing our product offering. “We are aiming to integrate [Emmegi’s] he added.
Founded by entrepreneur in 2004, Vicenza, Italy-based Nice Footwear designs and manufactures shoes for a wide range of companies, as well as for a number of in-house and licensed brands. They include the 80s soccer and basketball label Kronos, as well as Avirex, Ellesse, Conte of Florence, Lotto, with collections designed, manufactured and distributed under license, and G-Star Raw, for which the company acts as a distribution partner. The company distributes its collections from two showrooms, both opened in 2019, located on Milan’s Via Montenapoleone and in Hong Kong.
Despite the pandemic, the company has had a busy 2021.
“As in all crises and important contexts, there are always opportunities to exploit,” says Conte. “Our technology backbone and R&D approach have ensured a competitive advantage.”
Nice Footwear produces all of its shoe collections in factories in China, coordinated by a local subsidiary opening in 2020. At the company’s headquarters in Vicenza, the shoe brand develop designs through the use of patented 3D software. This, used in conjunction with virtual reality, provides accurate rendering to the client.
Backed by two Italian-based manufacturers, the company is aiming to establish a high-end accessories headquarters in the Northeast Veneto region. “In addition to the financial and business value of the operations, it is a step towards the preservation of Made in Italy, domestic and [Veneto] Conterno said.
So he does not rule out taking over other businesses with production capacity. Conterno said Nice Footwear is consolidating its structure and aims to shift some of its production from Asia, especially for products in the high-end segment.
“We remain committed to being a global business with Italian DNA… but there is still room for a partial re-adjustment,” he said.
https://wwd.com/business-news/mergers-acquisitions/nice-footwear-acquires-handbag-manufacturer-emmegi-1235040286/ Nice Footwear Acquires Premium Handbag Manufacturer Emmegi – WWD