Piquadro buys leather goods label The Bridge
As FashionNetwork.com reported last September, Piquadro is diversifying in the luxury segment, and has acquired Florentine leather goods manufacturer The Bridge. The Italian high-tech travel accessories brand announced in a press release it has signed an agreement for the acquisition of an 80% interest in Il Ponte Pelletteria, parent company of The Bridge, for €3.175 million.
The agreement includes options for the purchase of the remaining 20%, which can be exercised in January 2021 and between March and the end of May 2023. The operation must be finalised by the end of December 2016.
Piquadro acquired the Florentine manufacturer at a time when the latter was going through a troubled period, having embarked on a restructuring process a few years ago. Last July, The Bridge settled on a plan involving the dismissal of 25 of the company's 60 employees.
Il Ponte Pelletteria was founded in 1969 by the Ferri, Benvenuti and Biagioni families. A few years later it launched the label The Bridge, based in Florence. In 2015 its revenue was €22.2 million, down from nearly €30 million in 2013. The company posted a €2.6 million loss and its indebtedness rose to €8.5 million.
Marco Palmieri, the founder and boss of Piquadro, stated in the press release he wishes the acquisition to mark "the start of an aggregation process involving a series of premium accessories brands."
"The positioning [of The Bridge] is complementary to that of Piquadro, and will allow the group to trigger various types of synergy, whether industrial, financial or distributive," continued the CEO, who said he literally "fell in love" with The Bridge and its leather bags and suitcases for their distinctive "Anglo-Tuscan" style. The Bridge is distributed via 1,300 retail outlets worldwide.
Piquadro is listed on the Milan Stock Exchange and reported for the fiscal year 2015-16, ending on 31st March, a revenue of €69.31 million, 3.1% up on the previous year. Its product are sold in over 50 countries worldwide via a network which includes 100 branded stores, 55 of which are directly owned.
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