Emu sold to Louis Vuitton
Staff -- Casual Living, 10/1/2005 12:00:00 AM
An agreement was reached to sell controlling shares of Emu Group SpA to L Capital investment fund of Louis Vuitton Moët Hennessy, one of the largest international luxury goods groups.
The strategic alliance with L Capital will bring into play the skills of a reliable partner in the luxury goods industry for international brand development. Emu President and Managing Director Riccardo Biscarini and the present management team will remain as shareholders fully involved in the development project.
The aim is to increase the presence of Emu in world markets, develop well-trained staff to sell outdoor furniture and broaden the collections through constant research and development of new products.
Under Biscarini's guidance, Emu has reached a turnover of $35 million euro, 60% being from export particularly to the United States, Japan and other European countries. The company today has 190 employees. Emu operates in Umbria, located in central Italy, and has contributed to the development of outdoor casual and contract furniture know-how and production.
Lucio Ranaudo, head of the L Capital fund in Italy, said he thinks a well-established brand like Emu is in an enviable position to accept market challenges and opportunities by increasing product visibility while emphasizing thorough training of the distribution network staff.
Established more than 50 years ago, Emu is considered the leading Italian international brand of outdoor furnishings. In the 1970s Emu's worldwide success started with selling millions of the Rio, known as Italy's favorite chair.
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