Italy Luxury Department Store Owner, Bought By Homemade Men'S Clothing

Excelsior Milano is part of the Gruppo Coin SpA in Italy. The latter, after splitting and listing OVS SpA including fast fashion brand OVS and middle chain corporation Upim in 2015, still owns OVS SpA 52% shares. The company also owns middle end department stores, department stores with Rome and Venice branches, Milan luxury goods department stores, and

Tana and other businesses, while Gruppo Coin SpA is owned by private Holdings Company BC Partners.

Modern Avenue will go through wholly owned subsidiaries.

(Hongkong) Limited by Share Ltd wholly acquired Excelsior Milano.

The department store opened in 2011 and is located near the Duomo Church in Milan. The seven floor sales area is about 3000 square meters, which mainly includes men's wear, women's wear, accessories, restaurants and supermarkets.

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Givenchy, Lanvin and other brands have good cooperation relationship, annual sales of about 40 million euros.

In the trade bulletin, the modern Avenue said that the acquisition is an important measure to build the global fashion ecological chain of the group. It will help the group further build a perfect global supply chain system, share the international influence of Excelsior Milano and the resources of more than 300 international famous brands, and achieve the global shopping key of the European / Asian offline experience through the existing and Excelsior Milano online service platform.

Italy media reported that Lin Yongfei, founder and chairman of modern Avenue, began contacting Excelsior Milano and Gruppo Coin SpA about a year ago as CEO Stefano Beraldo.

Modern Avenue is planning to open 5 Excelsior Milano in China before 2020, and the first one has been selected for Macao, which will open in the second half of this year.

Modern Avenue has about 400 private brand stores in China and operates internationally.

The brand agency business has opened about 200 stores for Salvatore Ferragamo, Emporio Armani, Bally, Max Mara, Givenchy, Rimowa and Tumi.

China's economic slowdown leads to high-end

The business has been under great pressure. In the first 2016 quarter of last fiscal year, the group's revenue fell 0.11% to 222 million 100 thousand yuan, and from profit to loss, from 14 million 464 thousand yuan to net loss of 10 million 600 thousand yuan from the same period last year, it has been losing three consecutive losses.

The group also issued a profit warning, expecting a net loss of 1000-2500 yuan in the first half of fiscal year, compared with a net profit of 23 million 944 thousand and 400 yuan in the same period last year, mainly due to the no improvement in the terminal retail market, the rising operating costs and the new business sector being still in the investment phase, and the increase in interest rates on bank borrowings and expenses in the same period last year.

In the 2015 fiscal year, the group's annual revenue increased by 3.47% to 724 million 200 thousand yuan, and net profit dropped 31.54% to 10 million 217 thousand yuan.