MILAN — Spurred on by its strategy to dominate the Italian retail scene, perfumery chain Limoni SpA is strengthening its foothold in northern Italy with the acquisition of Italian perfumery chain Garbo, reported to have turnover of about 15 million euros, or around $19.3 million.
The Limoni Group, controlled by European private equity firm Bridgepoint, has added 19 Garbo stores in Milan’s key shopping locations to its portfolio for an undisclosed sum, ratcheting up its existing 500 doors in Italy and overseas to around 519 locations.
Limoni is Italy’s market leader with a 15 percent market share of its cosmetics sector, according to the firm. Total beauty and personal care sales for Limoni came to about 400 million euros, or around $515.9 million, last year according to the company, which has 2,400 employees.
Carlo Gianuzzi, chief executive officer, said, “The acquisition of Garbo will consolidate Limoni in the domestic market on three fronts,” referring to the direct expansion of the Limoni chain with new openings and restructuring, and plans to kick-start franchising.
The Group also revealed plans to open a new chain of beauty stores dubbed B-Basic Beauty, set to offer a lower-priced, mass market beauty assortment, and slated to roll out in 2011. Limoni executives have set their sights on opening 50 to 100 B-Basic Beauty stores annually for the next five years, according to Gianuzzi.
Limoni stores carry an assortment of high-end brands and mass market labels alongside a selection of accessories and bijoux. Based in Bologna, Italy, the company began its expansion in 1998 via the acquisitions of smaller domestic chains, taking its number of doors from 40 to 500 in 10 years.
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