A new era has started for Frette. The Italian manufacturer of luxury household linen has just been acquired by a Chinese consortium.
Announced on September 6, the takeover is just the first step in Frette’s expansion into the Chinese luxury market.
Anonymous buyers… or almost so
In a statement issued by Change Capital Partners LLC, Luc Vandevelde, the company’s CEO, has announced that all the shares held by his investment fund in Frette have been sold to “a consortium of strategic and private investors in the consumer sector“.
The amount of the transaction and the identity of the members of this consortium have not been officially disclosed. But CPPLuxury and Bloomberg relied on anonymous sources to shed some interesting light.
The Italian textile company Frette is said to have been bought out for 200 million euros. And the Hong Kong Companies Registry reveals that the purchase was made by a certain Raza Heritage Investment Ltd. which reportedly includes billionaires Ding Shizhong, Dennis Tao Tak Yan and businesswoman Adrienne Marie Ma. The first is known as the director of sports equipment specialist Anta Sports, the second is an executive of the same company and the third is the former director of Joyce Boutique Group. All three refused to confirm the information.
The same anonymous source specified that Ding Shizhong had participated in the operation through a personal investment, and not through Anta Sports.
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