SATININE BOOSTS ITS PORTFOLIO WITH SOPRANI
Byline: Nicole Kaldes
MILAN — Satinine, the worldwide beauty licensee for brands such as Ferrari and Borsalino, has acquired the Soprani fashion house for $4 million. Satinine primarily purchased the brand, whose beauty license it has held since 1985, to strengthen its brand portfolio.
“Before this acquisition, our business was divided in two,” explained Mario Usellini, Satinine’s vice president and chief executive officer. “Satinine’s brands accounted for 10 percent of [our] sales and [other] licensed brands 90 percent. Now, with Soprani, the situation has become such that our brands account for 50 percent of volume and the rest from licensing. This makes us much more stable.”
Usellini said Satinine also will benefit from Soprani’s image built over three decades. With the acquisition, Satinine is aiming for 20 percent annual growth, said Usellini.
The company’s other holdings include the I Love Musk fragrance brand, which is wholly owned, and Ischia Thermae, a skin care company in which it has a 50 percent stake. Satinine is also the Italian distributor of Mauboussin and Salvador Dali fragrances.
Satinine registered wholesale volume of $15.26 million for the first half of this year. For 2000, it posted a wholesale volume of $29.17 million.
Soprani, for its part, had wholesale sales of $17.95 million for the period that ended in June, during which time its Japanese distribution license expired. For 2000, it registered wholesale volume of $53.85 million.
Thirty percent of Soprani’s volume comes from fragrance and toiletries sales, with the rest generated from fashion.
Usellini, who has just become Soprani’s president and chief executive officer, said he does not plan a management overhaul, and that the only possible staff addition at Satinine could be a licensing expert.