MILAN — Coin is poised to sell luxury department store Excelsior Milano and related assets to Chinese retail group Guangzhou Canudilo Fashion & Accessories Co. Ltd., according to Il Sole 24 Ore. The Italian financial newspaper wrote that Canudilo will, through its parent company Modern Avenue Group, pay 21.3 million euros, or $23.6 million at current exchange rate, for the activity.
A spokesman for Coin, reached by phone on Tuesday, told WWD there is no official confirmation.
Canudilo, which last June acquired a 51 percent stake in Dirk Bikkembergs, is set to open five Excelsior Milano locations across China by 2020, according to Il Sole 24. The first unit will be inaugurated in Macao. The selection of the brands and collections to be sold in the stores will be curated by Antonia’s owner Antonia Giacinti and Maurizio Purificato, who already operate Excelsior’s fashion floors in Milan.
The Coin Excelsior stores in Rome and Venice are not part of the agreement and will remain under Coin’s control.
Canudilo, which is listed on the Shenzhen stock exchange, owns 400 fashion stores in Greater China and manages 200 franchise shops selling Italian and French luxury labels.