3i invests in AP Bags

3i, a world leader in mid-market private equity, and funds managed by 3i have signed an agreement to invest EUR 118 million for a 49% stake in the handbags and accessories division of Antichi Pellettieri S.p.A., the Italian branded leather accessories group.

Antichi Pellettieri Group is the leather goods division of Mariella Burani Fashion Group.

The involvement and funding provided by 3i, will bring together the brands in a newco, APB Srl (“Antichi Pellettieri Bags” or “AP Bags”), which will be the holding company of 4 handbags and accessories brands: Francesco Biasia, Braccialini, Coccinelle and Mandarina Duck. 3i will provide business development support to assist with further internationalisation of the business, penetrating new markets, particularly China and India, locations sourcing and selection, advertising and promotional management and developing retail operations.

3i’s strong brand in Italy where it has had a local team for almost twenty years and its extensive relationships with business leaders has enabled it to attract Giacomo Santucci, ex COO of Gucci Group and ex MD Salvatore Ferragamo, to the board as a non-executive director.

3i’s consumer sector has also enjoyed success with businesses such as UK based lingerie brand Agent Provocateur, a current portfolio company, and has recently successfully divested Italian toy brand Giochi Preziosi as well as Asian restaurant chain, Little Sheep which listed on the Hong Kong Stock Exchange in a successful IPO earlier this month.

Marco Fumagalli, Partner and Managing Director of 3i Italy commented: “We have found the ideal partner in APB to compliment and further extend our international presence in the luxury goods sector. The deal will reinforce our already strong presence in the international luxury goods sector and will allow us to develop synergies among our portfolio companies, generating value for our shareholders. “

Giovanni Stella, the CEO of Antichi Pelletieri, said: “We share a common strategy with 3i and are optimistic about the development opportunities provided to APB by the extensive network of strategic and industrial partners that 3i has developed in the emerging markets.”