From rumours to the operation, done and completed. A week after the rumours of a possible sale of the brand Il Bisonte by the English fund Palamon Capital, the official announcement that it has been sold to Look Holdings, a Japanese company operating in the clothing distribution and listed on the Tokyo stock exchange. The agreement provides for the sale of 100% of the Italian luggage and leather goods brand “for a business value of 100 million euros”, three times the amount originally paid by Palamon, thus producing an internal rate of return of 26%. The British fund acquired Il Bisonte in the summer of 2015 from its founder, Wanny di Filippo, who started the business in 1970 by running a craft workshop in Florence. Il Bisonte is one of the most famous independent Italian luxury brands and specialises in bags and leather accessories made in Italy. Under the ownership of Palamon, the number of shops worldwide has exceeded 400 from less than 200 at the time of acquisition, leading to more than doubling revenues in the same period, from around 20 million euros to over 40 million euros in 2019, with growth accelerating by 30% in the last two years. “We are very satisfied with the operation – commented Fabio Massimo Giuseppetti, partner at Palamon -. In Il Bisonte we found a real gem of the Made in Italy, a high quality brand rooted in a tradition of craftsmanship, and we are proud to have implemented, at least partially, its international potential”. “It has really been a pleasure working with the teams of Palamon and Il Bisonte to help this brand becoming a global and multichannel reality – is the replica of Sofia Ciucchi, CEO of the Tuscan brand (on the right in the picture) -. Now we have to look forward to a promising horizon thanks to the new partnership with Look Holdings”.
Images: Il Bisonte
