Italian jeweller Morellato to double turnover with German acquisition
MILAN (Reuters) - Italian jewellery and watch group Morellato said on Tuesday it expects to more than double its annual turnover after agreeing to buy German rival Christ Group from investment company 3i Group Plc.
Morellato said the deal, which will become effective next month, will boost annual revenue to around 800 million euros ($869 million) from an expected 370 million euros in 2022.
The company, which did not disclose any financial details of the deal, said the move would make it the leading European multi-brand retailer for jewellery and watches, with over 620 stores and a "unique digital presence".
Morellato, a Venice brand born in 1930 as a maker of watch straps, has grown into a leading watch and jewellery producer thanks to a string of acquisitions, including of French chain Cleor in 2019.
Acquired by 3i in 2014, Christ was set up in 1863. It operates more than 200 stores and its other brands include Valmano and Brinckmann & Lange. ($1 = 0.9206 euros)
(Reporting by Federico Maccioni; Editing by Alvise Armellini and Keith Weir)