EX NIHILO acquired by L CATTERTON

The transaction marks the formal acquisition of a 77.17% controlling interest in Culti Milano by Berger International (Emosia Group/Argos Fund), triggering a mandatory tender offer (OPA) for the remaining outstanding shares with the strategic objective of delisting the target. This acquisition is a synergistic move for Emosia Group, aimed at consolidating its market share in the premium home fragrance sector. By integrating the target’s luxury positioning and design-led product portfolio, Emosia strengthens its global competitive edge and diversification within the home decor category. The involvement of the target’s management via a reinvestment scheme highlights the acquirer's commitment to retaining critical human capital and institutional knowledge to drive the next phase of the company's international expansion.

FSI has transitioned from a minority investor to the controlling shareholder of Missoni, reinforcing its commitment to the brand's long-term expansion rather than pursuing an international sale. The transaction was conducted alongside Katjes Quiet Luxury, which acquired a 25% stake through the Fassin and Bachmueller families. This new ownership structure marks the end of the founding family's majority control, though they remain custodians of the brand’s heritage through the Ottavio and Rosita Missoni Foundation. The strategic rationale for the increased stake is to provide the additional capital and institutional backing needed for a new phase of international growth, following a successful post-pandemic recovery. The existing management team and CEO remain in place to ensure governance continuity, while the brand continues to record significant sales growth in its latest collections, outperforming many of its larger luxury peers.

LVMH has acquired an additional 9% stake in Loro Piana from the founding Loro Piana family for a consideration of EUR1 billion. This transaction increases LVMH's total shareholding from 85% (historically 80%) to 94%. The Loro Piana family retains a residual 6% minority stake. The move comes shortly after the appointment of Frederic Arnault as CEO and amidst a strategy to deliberately "brake" volume growth to preserve exclusivity and quality. This follows the original 2013 acquisition where LVMH bought 80% for EUR2 billion.

The transaction involves the acquisition of Benelli Ademaro by AMF Group, a portfolio company of Alpha Private Equity. The sellers have agreed to reinvest a portion of their proceeds into the AMF Group, following the established "partnership" model used by the group in previous acquisitions. This deal marks a significant expansion of AMF’s footprint in the strategic Scandicci leather goods district, enhancing its proximity to the workshops and manufacturing centers of major luxury houses. The rationale is focused on achieving industrial and commercial synergies by integrating Benelli’s specialized product development skills and local market relationships with AMF’s large scale production facilities and advanced laboratories. This acquisition further consolidates the European luxury supply chain, with the combined group now reaching a turnover exceeding 130. By incorporating Benelli Ademaro, AMF strengthens its position as a primary Tier 1 supplier, capable of offering a broader range of technical solutions and increased reliability to its luxury clients.

The acquisition of L'Epée 1839 by LVMH is a strategic move to strengthen the group's watch division and expand its presence in the haute horlogerie sector. This transaction is a testament to LVMH's commitment to preserving and promoting traditional craftsmanship and cultural heritage, while also innovating and pushing the boundaries of luxury and creativity. The acquisition will enable LVMH to leverage L'Epée 1839's exceptional expertise and unique savoir-faire, which will complement the group's existing watchmaking capabilities. The deal is expected to have a positive impact on the market, as it will bring together two renowned luxury players with a shared passion for excellence and innovation. The synergy potential is significant, as LVMH's global reach and resources will enable L'Epée 1839 to expand its customer base and distribution channels, while L'Epée 1839's expertise will enhance LVMH's watch division. The acquisition is a long-term strategic investment, aimed at preserving and promoting the art of watchmaking and ensuring the continued growth and success of both LVMH and L'Epée 1839.

Quadrivio Group, through its Lifestyle Fund II, has acquired a majority stake in Filippo De Laurentiis (Fili S.r.l.) from the founding Ferrante family. This marks the second investment for the Lifestyle Fund II and the sixth overall within the broader Lifestyle segment for Quadrivio. The Ferrante family will remain significantly invested and continue to manage the company. The strategic rationale for the deal is to accelerate the brand's global expansion, particularly in the United States and Asia, while launching a dedicated e-commerce channel and expanding into the retail market. Additionally, the partnership aims to diversify the product range by introducing a dedicated women's collection. The acquisition highlights the continued consolidation of high-end Italian textile manufacturers by specialized private equity funds seeking to scale artisanal excellence.

L Catterton, in concert with the founding Della Valle family, has launched a voluntary tender offer to acquire the remaining shares of Tod’s SpA and delist the company from Euronext Milan. This represents the family's second attempt to take the company private in less than two years, following a failed bid in 2022. The strategic rationale for the delisting is to provide the group with "greater management and organizational flexibility" and faster decision-making capabilities. Post-transaction, the Della Valle family will maintain majority control with a 54% stake, while L Catterton will hold 36% and LVMH (via Delphine S.A.S.) will retain its existing 10% stake. This structure reinforces the long-standing "friendly support" between the Arnault and Della Valle families while positioning Tod's for a period of accelerated consolidation and brand repositioning under private ownership.

Kering has agreed to acquire a 30% shareholding in Valentino from Mayhoola. The agreement comprises an option for Kering to acquire 100% of the share capital of Valentino no later than 2028. The transaction is part of a broader strategic partnership between Kering and Mayhoola, which could potentially lead to Mayhoola becoming a shareholder in Kering in the future. Kering will appoint representatives to the Board of Directors of Valentino. This move aims to support Valentino's brand elevation strategy while reinforcing Kering's position in the ultra-luxury segment.

Permira acquired a majority stake in Gruppo Florence. The sellers included VAM Investments, Fondo Italiano d'Investimento, and Italmobiliare. While Italmobiliare exited fully, VAM Investments, Fondo Italiano, and the founding families of the acquired SMEs reinvested significantly alongside Permira to retain a minority stake.

Peninsula Capital and the Percassi Group acquired a 40% stake in Lanikai S.r.l., the owner of the MC2 Saint Barth brand. The founders, Massimiliano Ferrari and Raffaele Noris, retained a 60% majority. The partnership aims to accelerate the brand's international expansion, leveraging Percassi's retail expertise to open new mono-brand boutiques in the US (Los Angeles), Middle East, and Asia. At the time of the deal, the brand operated 53 boutiques and had a strong e-commerce presence (25% of sales).