Gruppo Angelini Acquires Majority Control of Italian Fragrances

The company signed an agreement with Gruppo Angelini, giving the latter majority control of ICR’s Lodi, Italy-based perfume manufacturer and distributor (ITF).

MILAN — Industrie Cosmetiche Riunite has signed an agreement with Gruppo Angelini, giving the latter majority control of Italian Fragrances (ITF), which holds fragrance licenses for luxury labels such as Trussardi, Blumarine, DSquared2 and Pomellato. The deal also gives Gruppo Angelini full control of Munich-based subsidiary ITF Germany GmbH.

Gruppo Angelini, an Italian company specialized in health, wellness and pharmaceutical products, began its involvement with perfumery in 1994 with a stake in Barcelona’s Idesa Parfums, which develops and distributes fragrances for brands including Angel Schlesser, Armand Basi, Custo Barcelona and Mandarina Duck. The acquisition of approximately 60 percent of ITF brings Gruppo Angelini’s perfume turnover to an estimated 120 million euros, or $157 million at current exchange rates. The company’s total consolidated turnover is close to 1.2 billion euros, or $1.57 billion.

“We are extremely satisfied,” said ITF’s chief executive officer and founder Roberto Martone, who is also president of ICR, of which he maintains full control. He added that the agreement with Jordi Ballesté, ceo of Gruppo Angelini’s consumer goods division, would be good for “the continuity of our business.” ICR will maintain control of about 40 percent of ITF.