MILAN — The sale of accessories brands Mandarina Duck, Braccialini and Francesco Biasia continues to fuel M&A fever here, following the Zeis Excelsi’s acquisition of Dirk Bikkembergs reported earlier this week.
Korean fund E-Land has taken control of Cadriano, Italy-based Mandarina Duck for about 25 million euros, or $35 million at current exchange, and the closing is expected within the end of the month. In 2008, Mandarina Duck was incorporated under the Antichi Pellettieri umbrella, the leather goods unit that belonged to the now bankrupt Mariella Burani Fashion Group. On Friday, Antichi Pellettieri took full control of Mosaicon, which owned the Braccialini and Biasia businesses, from private equity fund 3i SGR for 7.5 million euros, or $10.5 million. This agreement, said an industry source, allows the state-appointed administrators of the Burani group to move forward with the sale of the two accessories brands to a pool of investors formed by the Braccialini family and the Sici private equity fund. This is being finalized for a total amount of 20 million euros, or $28 million. Handbags firm Coccinelle remains part of Mosaicon.
Hermès is launching a Laundromat pop-up shop in NYC - dubbed Hermèsmatic - where customers can bring their old scarves to be dip-dyed by an expert. Get all the details on WWD.com. #wwdnews (📷: @donstahl)