MILAN, May 23 (Class Editori) – Carioca markers shine their caps and get ready to show themselves off inside Chinese children's pencil cases. M&G – listed on the Shanghai stock exchange, with a market capitalization of 3.7 billion euro plus a 1-billion-euro turnover – and the Italian company have finally finalized their exclusive distribution agreement, granting Carioca access to the Chinese company’s network of 75 thousand shops serving the local market.
Starting from Carioca's liquidation and its acquisition by Zico Holding in 2016, the company has now risen to new life and registers a double-digit grow, while daring to cast a look East. After all, 70% of the company’s turnover (over 26 million euro last year) comes from foreign markets, like South America, North Africa, Turkey, Russia, and Middle East.
"Carioca holds an incredible potential. When we decided to invest in it, even while coming from completely different sectors – like GDO or marketing – we immediately understood which direction was the right one for us to take," said Enrico Toledo, President and CEO of Carioca, to Italia Oggi last March. The brand made it back to second place in the notoriety chart in Italy, straight after Giotto Fila. "But we're really strong in other markets as well, like Spain," he added.
The agreement with the Chinese company makes for an innovative, cross-border operation, including a capital increase for allowing a special fund access to Carioca. This fund, though participated by M&G, holds its separate 15% share and deals its investment operations on its own.
"We are a small business, but we have global ambitions. We are really excited about this agreement, because it allows us to face new challenges – some of which we couldn't even start to imagine before now," added Toledo. "The agreement with M&G is yet another benchmark in our revitalization process, started just four years ago and aiming at winning back for such an iconic Made in Italy brand the position of international top-player of the stationery segment. We've paved a new bit of the road leading Carioca and the Made in Italy toward one of the biggest emerging economies in the world".
During the process, Carioca was assisted by: Weigmann Studio Legale law firm, represented by Marco Di Toro; R&P Legal, as legal advisor; CFMC Studio Associato for the tax advice part, through Emanuele Chieli. On its part, M&G was assisted by Ernst & Young Italy for due diligence and for legal advice, and by Seta Capital in the role of financial advisor.
(Source:Class Editori)
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