MILAN — Furnishings, lighting and contract group Italian Design Brands has acquired majority stakes in two upscale Italian brands.
IDB said it bought 51 percent of Turri, a luxury furniture business founded in 1925 in Carugo on Lake Como. Turri, which works with leading architects such as Daniel Libeskind and China-based designer Frank Jiang, has a strong international presence. In the same statement, IDB said it also increased its interest in design lamp manufacturer Axolight to a majority stake of 51 percent, after purchasing a minority share in 2021.
Home to Gervasoni, Meridiani, Saba Italia and Gamma Arredamenti International, Italian Design Brands was listed on the Milan Stock Exchange in May and also owns contract businesses Cenacchi International and Modar, a key driver of its business.
IDB said the Turri transaction will be financed through IDB’s own means for about 5 million euros and through debt agreements with financial institutions, which are currently being finalized. Turri’s current chief executive officer Andrea Turri will remain at the helm of the company and will reinvest in the transaction, as a minority shareholder.
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In 2022 Turri booked 28.1 million euros in revenue, 95 percent of which was generated abroad. It posted earnings before interest, taxes, depreciation and amortization of about 4 million euros in the same period. Benefiting from consolidation of Turri, IDB said it is confident it will reach and “overcome” 300 million euros in turnover for the full year compared to 266.5 million euros the group booked in 2022.
Amid its IPO, IDB said it was focused on enlarging its galaxy of upscale Italian brands with a global reach.
“This new partnership, the first one post-listing and post entry in IDB’s capital of Tamburi Investment Partners SpA, will strategically allow us to consolidate our presence in markets such as the Middle East and Africa, where Turri has an important and prestigious customer base and, at the same time, will allow the brand to benefit from our distribution network to further strengthen itself in Europe, currently the first market for our group,” said Andrea Sasso, CEO of Italian Design Brands.
In the same statement, Turri said he sees the partnership boosting the company’s potential to further penetrate the European and American markets, and in the contract and retail business.
Earlier this year, Tamburi Investment Partners, or TIP SpA, bought a majority stake in IDB’s parent company. TIP, which is helmed by Giovanni Tamburi, founder, chairman and CEO, has stakes in Moncler, Hugo Boss, Italian retailer OVS and Eataly, among others.