Exor, Hong Kong's WWICL enter partnership to invest in Italian high-end consumer goods
16/06/2021 11:32
MILAN, June 16 (Reuters) - Exor EXOR.MI , the holding
company of Italy's Agnelli family, and Hong Kong's The
World-Wide Investment Company Limited said on Wednesday they
entered a partnership to invest in medium-sized Italian
companies focused on high-end consumer goods.
For this purpose, Exor and The World-Wide Investment Company
Limited (WWICL), one of Hong Kong's oldest family offices, will
set up a 50-50 owned company called NUO S.p.A., which will be
headed by Tommaso Paoli, they said in a joint statement.
It will have an initial capital of 300 million euros ($364
million), including a 30% stake in Italian personal care product
company Ludovico Martelli.
Exor, which has around 2.5 billion euros available for
acquisition to 2023, has recently moved its first steps into
luxury industry buying a 24% stake in shoemaker Christian
Louboutin and becoming the biggest investor in China's Shang
Xia, which was co-founded by France's Hermes. urn:newsml:reuters.com:*:nL1N2L60K0
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Its ownerships include carmaker Ferrari RACE.MI , which is
also expanding into luxury.
NUO will "help its companies make their Italian expertise,
creativity and authenticity available to global consumers, and
especially in fast-growing Asian markets" Exor and WWICL said in
a statement.
NUO, with a long-term investment horizon, will not only
provide capital but also support companies on how to achieve
greater scale, they added.
($1 = 0.8250 euros)
(Reporting by Giulio Piovaccari, Editing by Louise Heavens)
((giulio.piovaccari@thomsonreuters.com))