Italy's Coin on track to sell Excelsior to China's Canudilo
today Jun 29, 2016
The Milanese luxury department store Excelsior, launched in 2012 by Italian group Coin, is in the process of being sold to Chinese distributor Canudilo (Modern Avenue Group).
"The operation should be finalised in several days," a Coin spokesperson told FashionMag, confirming information published by Il Sole 24 Ore.
The transaction is worth 21.3 million euros. Excelsior, with a very specific selection of fashion, design, cosmetics and gastronomy, is dedicated to upscale luxury shopping. It's headed up in Milan by Antonia Giacinti, owner of specialist boutiques Antonia, who manages the fashion and apparel aspects the department store.
Back in July 2015, an agreement was made between Antonia and the same Chinese group Canudilo, owner of the high fashion sports label Dirk Bikkembergs, to open five Antonia points of sale before 2020 in China. The first store is slated to open this September.
The agreement seemed to put an end to the luxury activity at Coin, which in fact had always struggled to take off due to a lack in large investments. So, the Excelsior de Verone had to close shortly after its opening.
The Italian group will now focus on its historic stores, namely department store Coin, the bargain chain store OVS, which is publicly listed, as well as chain store Upim and its two department stores 'Coin Excelsior' in Rome and Venice.
The Excelsior Milano will continue to be managed by
Antonia Giacinti and her husband Maurizio Purificato, who oversees menswear. Canudilo now wants to export the department store concept to Asia.