MILAN — TIP Tamburi Investment Partners is exiting Furla.
The independent investment bank reached an agreement with Bloom, the company that controls the majority of Furla, to sell its shares in the accessories brand. The value of the transaction is set at 35 million euros.
Following the operation, Giovanni Tamburi and Alessandra Gritti, TIP president and chief executive officer, respectively, will continue to sit on the board of Furla.
In 2016, TIP invested 15 million euros to issue a convertible loan for a capital increase, which would have been automatically swapped into Furla shares at an initial public offering that was supposed to happen within 2018 but never took place. At that time, TIP also committed to underwrite an additional 15 million euros on the day of the listing at the same economic conditions offered to the market. A further quota of shares would have been allotted to TIP and sources estimated another 15 million to 30 million euros would have been paid then.
In 2018, the Italian accessories company registered sales of 513 million euros, up 2.8 percent compared with 499 million euros in 2017. At constant exchange rates, sales rose 5.2 percent.
Last year, Furla took control of its retail distribution in China, Hong Kong and Macau from Fung Group and bought back its business in Singapore. At the same time, in 2018, the company also acquired Effeuno Srl, a longtime partner company that specializes in manufacturing leather goods.