21. 06. 2013
Poltrona Frau Group acquires historic Simon brand through Cassina S.p.A.
15 mln Euro of incremental revenues expected in next 5 years
Milan, 20 June 2013. The Poltrona Frau Group, through Cassina S.p.a., has acquired from Estel S.p.a. the Simon brand. An encouraging signal in this particular historical moment for the Italian design industry, which remains one of the country’s most important assets.
The decision to buy up the brand was inspired by the specific Poltrona Frau Group will to continue on its selective integration path of the Italian brands that have made so famous Italian design in the world.
Specifically, the Simon Collection represents a top-quality catalogue that brings together some of the most representative products of Italian design, perfectly in line with the positioning of excellence recognized worldwide to the Poltrona Frau Group brands, such as Poltrona Frau, Cassina and Cappellini.
In particular, Cassina and Gavina, elder statesmen of the Italian design industry, have both always focused its business success on a strong aptitude for experimentation and product innovation, on an assiduous research of materials quality and of working processes, as well the continuous need to respect and promote their cultural values.
This acquisition will enable Cassina to further enrich its catalogue prestige alongside the historical names Le Corbusier, Charlotte Perriand, Charles Rennie Mackintosh and Gerrit Rietveld, other high-profile names of worldwide architecture such as Carlo Scarpa (with a table collection, in particular the “Sarpi” table) Marcel Breuer (with the “Delfi” table) and Kazuhide Takahama (with the “Antella” table). With particular emphasis on product ranges that are less represented by the current collection of Cassina, such as tables, containers, chairs and office furniture.
The strong integration process in terms of distribution, particularly abroad where Cassina generates over 80% of its revenues, will enable the company to maximise the value of this new catalogue and to develop the growth of Simon products primarily outside Italy, a market that generates almost all of its revenues.
With the addition of the Simon products, which will continue to be produced in Italy, Cassina expects to record revenues of € 15 million over the next five years, which will gradually increase as of 2013. The Poltrona Frau Group paid € 2.1 million for the brand plus a variable amount related to the revenues it generates over the next five years.
The global presentation of the project to customers and the press will take place in September 2013 at the historic Cassina space in Via Durini in Milan and will involve an exhibition related to the brand for the design community, a press conference and a series of meetings with the sales network.
“I am very pleased that our Group continues its path of targeted acquisitions of the classic Italian design brands that express and disseminate Italian excellence and culture across the world”, commented Dario Rinero, CEO of the Poltrona Frau Group. “The richness of the Simon product catalogue will increase the value of the Cassina range and strengthen our leading position in the worldwide market and fits in perfectly with Poltrona Frau strategy to acquire only those brands of excellence in line with the high-end positioning worldwide recognized of Poltrona Frau, Cassina and Cappellini.”
“I am certain that the Cassina brand represents the best option for the future of Simon and that it will breathe new life into Estel, which is busy relaunching its Home Furniture Area and seeking to maintain its leading position in the Office Furniture segment”, commented Alberto Stella, CEO of Estel.