MILAN — E-Land Europe said Wednesday it has finalized the acquisition of Italian accessories firm Coccinelle.
The Korean E-Land fund, which formed a venture with Kate Spade in Mainland China and has more than 40 retail nameplates, is gradually forming a fashion conglomerate, as it has over the past two years bought Italy’s sportswear brand Belfe and footwear group Sutorio-Lario, which includes the Lorenzo Banfi label. Last year, E-Land took control of Cadriano, Italy-based accessories brand Mandarina Duck.
E-Land has asked Angelo Mazzieri to continue in his role as Coccinelle’s chief executive officer. Mazzieri, a member of the family that founded the company, has for the past 15 years expanded and grown the brand, which is positioned in the accessible luxury range.
Praising E-Land as “the ideal partner” for a “speedy and consolidated growth,” Mazzieri said he wished to guarantee continuity to the company’s development, which includes retail investments globally, especially in Italy, Germany and Russia, and in Asia — in China and South Korea in particular. Italy currently accounts for 64 percent of sales, followed by Europe (27 percent), Asia (7 percent) and the rest of the world (2 percent). There are 90 Coccinelle stores, and the label is available at 1,100 points of sale. E-Land’s goal is to open 90 stores, of which 70 will be in Asia, over the next five years.
Coccinelle was founded in 1978 in Sala Baganza, near Parma, Italy. Last year, it reported sales of 52 million euros, or $72.3 million at average exchange. In addition to its core handbag business and shoes, Coccinelle produces small leather goods, belts, watches, eyewear, costume jewelry and accessories such as gloves, scarves, foulards and hats.