Alessandro Benetton

MILAN — Alessandro Benetton’s investment fund 21 Investimenti has acquired a majority stake in Contemporary Bags, the Italian company controlling the Gianni Chiarini Group.

Specific terms of the deal were not disclosed.

Florence-based Gianni Chiarini Group produces and distributes the Gianni Chiarini and GUM brands’ handbags and accessories collections. In 2016, Gianni Chiarini Group posted revenues of 35 million euros, or $38.8 million at average exchange. Exports account for 60 percent of the group’s total business.

Following the deal, the group’s founder Gianni Chiarini will retain a significant stake and continue working in the company, while Cristina Cortesi is to be appointed its chief executive officer. Most recently, Cortesi held the role of managing director of Bulgari’s accessories business unit.

A Gum Bag

A GUM bag  Courtesy Photo

“The Gianni Chiarini Group features all the characteristics, which 21 Investimenti looks for when it invests into a project. The group embodies all the typical values of Made in Italy: high-end design and quality, excellent craftsmanship, and attention to customers’ taste and needs,” Benetton said in a statement. “The group has a huge growth potential on international markets. To reach our ambitious goals, we established a high-profile managing team. We are strongly focused on creating a relevant player in its market able to offer innovation and attention to customers, especially Millennials.”

According to Benetton, 21 Investimenti will expand the presence of the Gianni Chiarini and GUM brands in new markets through new distribution channels, collections, and customized marketing and communication activities. A series of flagship stores are also expected to open in key locations.

Through this acquisition, 21 Investimenti is expanding its portfolio of brands positioned in the mid-market. Last July, the private equity company acquired Italian footwear label Philippe Model.

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