LABELUX Group to acquire Belstaff from Clothing Company

LABELUX Group, the Swiss luxury goods company, privately owned by Joh. A. Benckiser SE, today announced that it had acquired Belstaff, the English iconic outerwear company from Clothing Company SpA. Terms were not disclosed.

Since its inception in 1924, when Belstaff's spirit of innovation resulted in the development of the first waxed cotton clothing to meet the demand of the nascent motorcycling industry, the brand has evolved in step with aviation and motorsports development. Belstaff has a unique heritage and its reputation for fashionable, functional and stylish outerwear has led to significant development beyond those industries and a strong international awareness. Belstaff has an ambitious development plan which will be accelerated with the support of LABELUX, notably in the fields of geographical expansion and product extension.

The business currently retails through 14 owned stores and is present in more than 1,000 points of sale worldwide. The size of the global luxury market was estimated to be worth €168 billion in 2010 and is expected to record compound annual growth of 6.2% to reach €201 billion by 2013.

Clothing Company Founder Mr. Franco Malenotti, said:

"Belstaff has represented 15 years of my life. I had the opportunity to work with passion, creativity, innovative spirit and awareness of preserving an important fact of our past. It is with satisfaction that I have seen the company grow and gain unexpected targets, such as collaboration with the major Hollywood productions. My sons Manuele and Michele and I will look with pride at future Belstaff challenges, thinking that we have been an important part of this story."

LABELUX, which was established in 2007 with the aim of creating a significant new global player in the expanding luxury goods sector, has built a strong portfolio of brands in luxury fashion, leather, accessories and jewellery. LABELUX's existing portfolio comprises Swiss luxury brand Bally, New York-based apparel label Derek Lam, London-based jeweller Solange Azagury-Partridge, Italian accessories company Zagliani and the recently acquired global luxury lifestyle accessories business, Jimmy Choo.

Commenting on the acquisition, Reinhard Mieck, Chief Executive Officer of LABELUX, said:

"We are delighted to announce this acquisition. Belstaff is a unique asset with great heritage, a strong following and a very promising future as a major international luxury brand. I look forward to announcing our exciting plans for Belstaff in the near future."

KPMG acted as financial adviser, Hogan Lovells Studio Legale acted as legal adviser, K Studio Associato as tax advisor and Bain & Co as strategic advisor for LABELUX.

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