(Yicai Global) May 21 -- After more than six months of negotiations on a series of mergers and acquisitions options, Aumai spa, a Chinese Italian business conglomerate, inked an agreement on the overall acquisition of Carnevali spa, Italy's 80-year-old high-end fashion brand, news site Huarenjie reported. This is the first time that a Chinese Italian businessman has acquired a large Italian fashion brand as a whole.
Chen Wenxu, chairman of Aumai, who is a retail industry veteran, expressed his intention to buy Carnevali after the company declared bankruptcy and sale and disposal of business assets in November. Based on the brand recognition and strength of Aumai, the two sides began a long negotiation process, involving many rounds of talks. Carnevali finally agreed to transfer its assets and stores to Aumai on May 18.
Carnevali is not only a well-known name in Italy, but also has a strong complementarity with Aumai in terms of sectoral structure, Chen said. The acquisition will effectively promote Aumai's development into high-end sectors and expand its operating area and market competitiveness.
Founded in 1940, Carnevali has become a benchmark in northern city Brescia's apparel sales sector and successfully joined the ranks of Italian top brand stores in a highly competitive field. During its peak days, it achieved annual sales of more than EUR60 million (USD70 million), with more than 20 stores across North Italy's Lombardy region.
Carnevali declared bankruptcy in November because of other investment directions taken by its management and proposed to transfer its premium assets and stores to powerful buyers.
Editor: Mevlut Katik