MILAN — L-Gam, a Luxembourg-based funding agency backed by the princely household of Liechtenstein, mentioned Thursday it has entered “a strategic partnership” with Ieading Italian magnificence producer Ancorotti Cosmetics Srl.
The deal includes L-Gam’s acquisition of a stake within the cosmetics firm, however monetary particulars weren’t disclosed. Reached on Thursday, L-Gam declined to supply additional data on the transaction, whereas Ancorotti Cosmetics didn’t reply to requests for remark.
The operation is aimed toward enhancing the wonder firm’s worldwide presence, at broadening its product providing in addition to at concentrating on potential new acquisitions to enrich Ancorotti Cosmetics’ present operations.
The agency’s chief government officer and chairman Renato Ancorotti will retain these titles, alongside together with his daughter Enrica Monica, who’s vp and co-director. They established the corporate collectively in 2009 and led it collectively because it scaled up all through the final decade.
Ancorotti Cosmetics started specializing in high-tech mascara, quickly increasing to different make-up and skincare merchandise developed for worldwide magnificence labels. The agency at the moment serves over 300 clients worldwide and registered turnover of about 105 million euros in 2019, 85 % of which was generated exterior Italy. Its plant in Crema — positioned within the so-called Italian “Cosmetic Valley” — employs greater than 300 individuals, 65 % of whom are ladies.
Since 2018, Renato Ancorotti has additionally served as president of Cosmetica Italia, the Italian affiliation of cosmetics firms. As reported, earlier this month he was moreover named “Cavaliere del Lavoro,” or “Knight of Labour,” one of many highest honors bestowed by the president of the Italian Republic, who’s at the moment Sergio Mattarella.
Established in 2013, L-Gam is a long-term oriented funding firm with capital commitments of over one billion euros. It focuses on partnering with administration groups in small and medium-sized firms throughout Europe and hailing from totally different industries.
In 2018, L-Gam acquired a majority stake in premium luxurious outerwear firm Woolrich International. Prior to that, in 2015 it invested in Roberto Cavalli, exiting the style firm in 2019.