MILAN, July 29 (Class Editori) -- New operation by CDP addressed to the support of Italian companies in China under the issuance of the first panda bond by the Treasury SpA. Cassa Depositi e Prestiti will finance with ¥30 million, equal to €4 million, the activities of Stefano Ricci group in the People's Republic of China.
Established in 1972, Stefano Ricci group is active in the design, production, distribution and sale of high-end menswear and accessories. The Group carries out all the production stages entirely in Italy and employs about 600 employees, based among the headquarter in Fiesole (Tuscany), the branches and boutiques present in the most exclusive locations worldwide. At the end of 2019, the Chinese company earned profits amounting at about €15 million, by employing more than 900 employees.
Stefano Ricci Group opened its first boutique in China in 1994, by increasingly strengthening its presence on the Chinese territory during the last 25 years. Since 2011, the Group has been operating in the Chinese mainland through its subsidiary Ricci (Shanghai) Trading, which manages the Stefano Ricci monobrand stores located on the Chinese territory (Shanghai, Beijing, Shenyang, Dalian, Xian and Ningbo) and the distribution activity on this market.
The resources will be addressed to support the growth and the strengthening of the group presence in China by financing, among the others, the investment expenditures incurred for the opening of the most recent boutique and the renovation of the already existing ones.
"It is an important sign in a particularly complex economic situation at a global level", as Niccolò Ricci- the CEO of the Stefano Ricci group- has declared. "With the commitment of Cassa Depositi e Prestiti, we aim at strengthening the leadership in China, one of the landmark markets since 1994 for us, when my father launched the first monobrand boutique exactly in Shanghai, with a strategic vision- strongly in advance- in the luxury lifestyle field".
The Shanghai Branch of Banca Monte dei Paschi di Siena has acted as Facility Agent in the transaction. The operation is part of the collaboration between CDP and the Institute from Siena (Italy). The two operations, which amount at €130 million in overall, were completed last week by the two companies, in order to promote the national presence in the People's Republic of China.
The first operation is a short-term credit line worth €100 million in order to meet immediate liquidity needs. The second operation is a medium-long term credit line in local currency, worth ¥240 million, equal to €30 million. The latter is available also under the funding collected with the inaugural issuance of "Panda bond" worth ¥1 billion, which ended last July, 31.
The group guided by Fabrizio Palermo has been the first Italian issuer of yuan-denominated bonds to be issued on the Chinese market. The issuance is part of the 2019 Renminbi bonds program up to ¥5 billion, allowed by the Chinese Central Bank. The collected resources will be addressed to support Italian companies (and its subsidiaries in China) which export or produce on the Chinese territory
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