3i sells Mosaicon stake

Antichi Pellettieri, which also produces leather goods, already holds a significant stake in Mosaicon. The new parent company is listed on the Milan Stock Exchange and controlled by Mariella Burani Fashion Group, which went into administration in March 2010.

Mosaicon was created as a holding company for the brands Coccinelle, Francesco Biasia, Braccialini and Mandarina Duck, which 3i acquired from Antichi Pellettieri (AP) in 2008.

The brands Francesco Biasia and Braccialini are in the process of being sold to a consortium led by Sviluppo Imprese Centro Italia and the Braccialini family for €20m. Mandarina Duck was sold to Korean trade group E.Land for an undisclosed amount.

Previous funding
In June 2008, 3i acquired a 49% stake in the handbags and accessories division of Antichi Pellettieri for €118m from Mariella Burani Fashion Group, representing an enterprise value of €355m. Mosaicon was established as a newco.

3i increased its stake in Mosaicon in February 2009 to 58.37%. During the holding the company expanded into the Chinese and Indian market, strengthened its international distribution network and opened additional stores.

Company
Milan-based Mosaicon is a distributor of high-end leather accessories. It focuses on the distribution of handbags and small leather accessories, generating 90% of its sales in 2009. More than half of Mosaicon's total sales are in Italy. The business operates in Western Europe as well as in the Far East, the US and Eastern Europe.

People
Lorenzo Salieri worked on the exit for 3i.

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