Exor partnership to drive high-end growth in Italy
Agnelli family owned Exor (an Amsterdam-based significant shareholder in Christian Louboutin, Ferrari and Shang Xia, among others) recently entered into a partnership with Hong Kong-based World-Wide Investment Company.
Together, the two companies will establish a 50:50-owned enterprise, named Nuo, which will be headed up by chief executive, Tommaso Paoli.
The intention behind the initiative is to invest in and support the global development of medium-sized Italian companies specialising in high-end consumer goods, the release said.
In essence, Nuo will harness the networks and knowledge of its founders to help Italy-based companies make what Exor and World-Wide Investment Company called their “Italian expertise, creativity and authenticity” available to global consumers, with particular emphasis on fast-growing Asian markets.
The new company will be endowed with €300 million (around $358 million) in initial capital, in addition to a 30% stake in Italian personal care group Ludovico Martelli.
Exor chairman and chief executive, John Elkann, commented: “We believe that Italy’s wealth of high quality, dynamic medium-sized enterprises, with their wonderful products and tradition, have true potential to become great companies of tomorrow.”
Managing director of World-Wide Investment Company, Stephen Cheng, added: “There is such a unique history of entrepreneurship in Italy, rooted in human stories and emotion. We are honoured to invest in this everlasting tradition of passion and creativity.”
Meanwhile, Exor company Ferrari recently launched a high-fashion collection of clothing, footwear and accessories, featuring luxury leather trench coats, dresses, handbags and shoes.
Image: Ferrari Style via Instagram.
