MILAN — Private equity firm Halder is selling BMB Manifattura Borse SpA to a group of managers of the Italian handbags manufacturer.
The buyout is being led by chief executive officer Anton Magnani through a new vehicle called Luxury Industrial Holding Srl. Financial details of the deal were not disclosed.
Magnani holds a 57.5 percent stake in BMB. Other shareholders include members of the board, chairman Guido Carissimo, and chief financial officer Stefano Zecchi, with a 22.5 percent stake.
BMB, which is a storied Chanel supplier and produces handbags for several top luxury brands, is a former owner and manufacturer of the luxury Gianfranco Lotti accessories label, but it has sold it to the founding designer.
German investment fund Halder acquired Gianfranco Lotti and its parent company in 2013.
The strategy is to focus on further developing the multibrand production platform, explained Magnani.
“We believe in the opportunities to develop the company, leveraging the strength of the Scandicci manufacturing hub,” said Magnani of the Tuscan location, where BMB is headquartered.
In 2017, BMB filed a petition for composition with creditors after a contraction in revenues due to a decrease in orders. Magnani was tapped as ceo as part of the restructuring of the company and focusing on the business-to-business model. He was previously ceo of Italian footwear company Lario 1989 SpA, contributing to the relaunch and international expansion of luxury label Sutor Mantellassi. Previously, Magnani held the role of managing director and senior vice president of Hugo Boss’ footwear and accessory division.
BMB was founded in Florence in 1968 and now employs around 80 people. It has sales of 17 million euros.
The year 2018 was a crucial transitional year to exit the company crisis also through investments aimed at modernizing the organization and to reorder all the production processes, explained Magnani, who focused on internalizing production and expanding its pool of clients.
Magnani said the expertise of the company is helping to consolidate its prestige and positioning, “also through the implementation of clear development strategies in a moment particularly dynamic for the high-end leather-goods sector.”
To be sure, Assopellettieri, Italy’s organization of leather-goods manufacturers, released on Wednesday preliminary data showing the sector’s net exports rising to 4.1 billion euros in the first 10 months of 2018, up 8.6 percent compared with the same period a year earlier.
The growth was driven mainly by exports, up 10.3 percent in the January-to-October period, reaching 6.76 billion euros.