Thom Europe acquires Italian jewellery retailer Stroili
Rumours about a possible sale of jewellery retailer Stroili have been rife for over two years, and now it is virtually a done deal. French group Thom Europe, specialised in jewellery and watch distribution via the Histoire d’Or, Marc Orian et TrésOr chains, has announced in a press release it reached an agreement for the acquisition of Italian retailer Stroili.
The value of the transaction was not disclosed. Two years ago, Stroili was valued at between €240 and €270 million.
According to the press release, Thom Europe is a leader in France and in Europe, operating a network of 572 stores. The group acquired the totality of Stroili's capital from the Accessible Luxury consortium, comprising several investors: the Investindustrial investment fund, Stroili's majority shareholder since 2006, and other equity partners such as 21 Investimenti, Wise, NB Renaissance and L. Catterton (of the LVMH group).
Stroili is an Italian jewellery retail chain, featuring a wide range of products suitable for every pocket, which a few years ago launched its own jewellery brand, Stroili Gioielli.
It is based in Udine, in the Italian North-West, from where it operates a network of nearly 369 stores, with a staff of 1,370 and a presence in about 20 countries outside Italy, including the UAEs, China, Spain and Germany.
As of 31st March, Stroili generated a 12-months revenue of €216 million, and an EBITDA of €35 million.
Thom Europe is owned by the Bridgepoint investment fund, its majority shareholder, and other funds. Over 12 months, it recorded a revenue of €387 million and an adjusted EBITDA of €78 million.
The press release stated that "the two companies' consolidation will allow the group to become the top European jewellery distributor, and the leading multi-national player on the accessible jewellery market."
The new entity will operate approximately 940 stores split between five retail brands (Histoire d'Or, Marc Orian, TrésOr, Stroili and Franco Gioielli) and employ in excess of 4,600 people. In 2015, the two companies' aggregate revenue reached nearly €600 million.
The acquisition is expected to be finalised by October 2016.
Copyright © 2023 FashionNetwork.com All rights reserved.