Wednesday, 20 January 2010
The Borletti family are no strangers to the MO Down. We first mentioned them as potential buyers of Christian Lacroix (see our July 29 report), and now we’ve heard whispers from WWD that they are interested in acquiring Ittierre SpA.
The Borletti family are part owners of Italy's favourite department stores, Rinascente, and France's Printemps. Now, with the Ittierre bailout, we wonder if they are trying to build their profile to become a luxury and premium-end conglomerate, perhaps trying to rival LVMH and Richemont.
Let's hope this Italian group doesn't go the way of Prada when they started buying brands, Helmut Lang and Jil Sander namely, as it did quite honestly go pear shaped (or as you’d say in Italian: la pera ha modellato), with both brands being repurchased after business went downhill.
Anyway, that's another story as to the hows and whys of the acquisitions not working out. Needless to say we will watch with interest Borletti Group's future strategies.
Who's behind the MO DOWN
Melinda O’Rourke is the founder and Director of MO Luxury, a dynamic, Sydney-based management firm specialising in luxury brands and services. Melinda and her associates at MO work with local and international brands across prestige retail, fashion, fine jewellery, timepieces and specialised services. Melinda is well-connected, well-read, and well-versed in the demands of the luxury market and its client base. Her advice is firmly based in objectivity and ultimately, accountability. Melinda offers constructive counsel and both strategic and creative thinking and is able to draw upon a strong network of specialised talent to compliment the MO Luxury team as needed. Melinda enjoys excellent industry relationships and is regularly quoted in the business and fashion media. Read more about MO Luxury, www.moluxury.com.au