The ₹2,000-crore Himatsingka Group has acquired the remaining 30 per cent stake in Giuseppe Bellora S.p.A from GB Invest S.r.l.
Giuseppe Bellora owns the luxury Italian bedding brand Bellora and Himatsingka held a 70 per cent stake in the European firm since March 2007.
With the acquisition of the remaining stake, Himatsingka Group has become the sole shareholder of Giuseppe Bellora S.p.A. The company did not disclose the deal size.
“This transaction is consistent with the global strategy of the Himatsingka Group, given its large presence in the manufacturing, retail and distribution of home textile products," the company said in a statement. Himatsingka Seide shares closed about 2 per cent higher at ₹85.90 on the BSE on Tuesday.
“The Bellora brand is an integral part of our global brand portfolio. Our group will be focussed on expanding the brand globally in the years to come," said Shrikant Himatsingka, Executive Director of the Group. Himatsingka Group operates a brand portfolio of over eight brands and for the financial year 2013-14, revenues from the brands stood at over ₹600 crore.
Bellora, founded in 1883, epitomises heritage and tradition and has an extensive presence in Italy. The brand retails through 35 exclusive Bellora stores, multi-brand outlets and luxury departmental stores in Italy and other parts of western Europe. Bellora is exploring opportunities for expansion across Europe and in select markets of Asia. Bellora's product lines include fine bedding, bath and allied home accessories.