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Private Frau

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Private Frau

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Mit meiner offenen und humorvollen Art werde ich dich verzaubern. nice-image.com is 2 years 1 month old. It is a domain having com extension. This website is estimated worth of $ and have a daily income of around $ As no active threats were reported recently by users, nice-image.com is SAFE to browse. nice-image.com Negozio online ufficiale di Frau, che realizza scarpe da uomo e da donna dal design casual ma ricercato. Lavorazione artigianale e materiali di qualità. Analysis of Private Equity in the Italian Luxury Market, with a focus on Charme Investment acquisition of Poltrona Frau.
Private Frau

Am Mittwoch waren wir bei Barbara und Dan zum Abendessen. Dan arbeitet immer noch bei Deine Sarah [your signed first name] 4. For a male, you would write Lieber English Translation - Personal Letter 1.

Cactus City, the 25th of Nov. Dear Maria, We were so glad to get your last letter! I'm sorry it has taken so long for me to reply, but now once again you're finally getting some indication that we're still alive.

As you already know, Jim was traveling in Asia on business for three weeks, so I had to do almost everything here at home, and never could find the time to write you.

But in the meantime, almost everything here is running "normally" again, and I have a little time to set pen to paper.

On Wednesday we had dinner at Barbara and Dan's. They say hello and are hoping to visit you again in Berlin this summer.

Dan is still working at Best wishes - from Jim, too! Going to the post office in Germany today is a far cry from the old days. No more special windows for each service and very limited opening hours.

Today you go to the next clerk at any window for everything from banking to express mail. Some larger post offices and those at train stations are open late and on holidays!

Here is a glossary with phrasebook to help you at the Post. Share Flipboard Email. Hyde Flippo. German Expert. With regard to female genital piercings, Marilyn W.

Edmunds, adjunct clinical professor at the Johns Hopkins University , stated, "Women with genital piercings are no longer on the social fringe or part of the 'punk' culture who are experimenting with behaviors that are 'socially provocative.

People from all classes and professions have them Like body piercings at large, genital piercings are often done for aesthetic reasons and as an expression of personal style.

In addition, some but not all types of genital piercing increase sensitivity and provide additional stimulation during sexual intercourse or stimulation.

According to an Association of Professional Piercers expert report by Elayne Angel , body piercing pioneer, former member of The Gauntlet and inventor of several genital piercings such as the fourchette and the lorum , individual motives and preferences are quite diverse:.

It depends on many factors and highly individual desires and preferences without even bringing individual anatomy in to the discussion yet.

For some clients the most important aspect is that the piercing pleases their partner. Others have the priority of increasing their own sensation in a particular area or manner.

Some want the one that will show the most, others to heal the fastest, yet others want one that is least likely to bleed! And on it goes. You will need to interview each client to determine the specific motivations and expectations for genital piercings.

Inquire about which piercing s are of interest—and why? Is stimulation or aesthetics a primary motivation? Then there are deeper specifics to probe pardon the expression such as whether the goal is increased sensation during penetration, or enhanced clitoral stimulation.

Motivation can be restricted purely to aesthetic taste. Like all other types of body piercing, genital piercings are decorative, appealing to the people wearing them.

Violet Fenn of Metro stated, "For me personally, it was sheer aesthetics — I just like how it looks.

In many traditional cultures, these piercings are done as a rite of passage during adolescence and, symbolically and literally, mark the admittance to the adult world and serve as a marker of cultural identity.

Similar to religiously motivated circumcision , it may be regard as a "purification of the flesh" and a common bodily sign to members of the same faith.

These traditional meanings of modifying the body were revived in contemporary western society by the Modern primitive.

Inspired by ethnographic accounts of tribal practices, this subculture adopted genital piercings as a matter individuation and spirituality.

For most people that seek genital piercings nowaday, a sense of uniqueness and non-conformism prevails. Thus, while not automatically discounting the findings and arguments of prior research, we speculate that perhaps the social and cultural meanings of genital piercings have changed so that while at an earlier time, persons with genital piercings may have indeed perceived their piercings as being markers of resistance or as signs of individuality or of subcultural identity, today, genital piercings are, by and large, just another mainstream and fairly conventional type of body decoration and adornment.

Thomas, Professor of Sociology. Additionally, genital piercings can enhance sexual pleasure during masturbation, foreplay and intercourse.

While female genital piercings do this only to the women wearing them, male genital piercings can enhance stimulation for both the person wearing the jewelry and their partner by stimulating both the glans of the wearer and the vaginal wall or the anus of the penetrated partner.

Due to genital physiology, women seem to gain more sexual pleasure from both, their own as well as her partner's genital piercings. This effect is in particular reported for piercings passing through the glans penis: the ampallang and apadravya piercing.

Women of the Dayak in Sarawak , Borneo prefer men with an ampallang, claiming that intercourse without would be dull:. They say that the embrace without this contrivance is plain rice; with it is rice with salt.

It is, in this, in my experience, decidedly successful. For men, piercings that stimulate the sensitive urethra , either during masturbation or sexual intercourse, increase sensation.

The triangle piercing is known to be quite pleasurable by providing stimulation of the underside of the clitoral glans, an area that is usually not stimulated at all.

Comparable to other piercings, improper hygiene during the piercings process carries the risk of transmitting blood borne diseases and during the healing process it might lead to infection.

Some physicians believe that male genital piercings increase the risk of STD transmission by making safer sex barriers condoms less effective.

The time to fully heal a genital piercing varies tremendously, depending on piercing site and individual characteristics: it can range from a week up to six months.

Until fully healed, preparations should be made against possible causes of infection, such as proper cleaning on a daily basis.

People with fresh piercings should abstain from sexual activity for the first few days and also then should use physical protection barriers such as condoms until the piercing is fully healed.

Laws in other countries vary. In many European countries, minors are required to bring a signed consent form from or to be escorted by a legal guardian.

Even in countries that have no laws regulating genital piercing in minors, many piercers refrain from doing them since physiological development is not completed in minors.

In the United States , it is prohibited to pierce the genitals of persons younger than 18 years. Possible piercing sites on the male genitalia include the glans, the skin of the penis shaft, the scrotum or the perineum.

Piercings through the glans of the penis include the ampallang , which passes horizontally, and the apadravya , that passes vertically through the glans.

The Prince Albert piercing is situated on the ventral side underside of the penis immediately behind the glans, while the reverse Prince Albert piercing passes through the dorsal top side of the glans.

The dydoe pierces through the coronal rim of the glans. With the exception of the dydoe, all these piercings traditionally pass through the urethra.

This is preferred because healing time and incidence of infection are reduced by the flow of sterile urine.

These piercings provide increased stimulation during intercourse to the male who is carrying the piercing as well as to the partner.

Piercings through the head, or the glans, are the genital piercings with the best-documented historical evidence. Prince Albert. Reverse Prince Albert piercing.

Foreskin piercing passes through the penile prepuce on the dorsal, ventral or lateral side. It is required that the male isn't circumcised.

The frenum piercing passes through the penile frenum, a small skin bridge that connects the glans with the shaft skin.

This anatomical part is also often missing in circumcised men. The hafada piercing is situated on the skin of the scrotum.

As an intermediate version between frenulum and hafada, the lorum piercing lo w fren um sits at the point where penis and scrotum connect.

The Jacob's Ladder is a ladder from frenum to scrotum. This method for the calculation of the different levers of value creation is particularly complete and coherent.

On the other hand, this method highlights once again to different perspectives for value creation: the internal one, driven by operational performance improvements and financing effects, and the external one, given by variation in the transaction multiples, as highlighted in Figure 3.

The frameworks described above will be used in the analysis of the Poltrona Frau Group case Chapter 4, pp. Appendix A.

Private Equity and Growth 3. In this section, the attention will be on a particular aspect of value creation, meaning growth, giving some insights on how PE funds may activate this particular lever, especially for SMEs.

Small size has been appreciated for the flexibility and adaptability it provided, allowing firms to face changing environments and reach high quality standards and product innovation.

On the other hand, as highlighted by Oliva , in only one Italian entrepreneur over ten thought that small dimension was a competitive advantage.

Therefore, PE can act as a primary instrument to strengthen the mass of small and medium enterprises, constituting the core of Italian and other European economies Teti and Casillo, Benefits of growth are well known: 1 Achieve higher returns for shareholders through revenues growth; 2 Increase stock market valuation, thus decreasing the risk of hostile takeovers; 3 Achieve economies of scale; 4 Reach dominant market position 5 Attract and retain better human capital; 6 Diversify sources of revenues growth from interna- tionalization and increasing product offering ; 7 Achieve enough critical mass to look for resources in capital markets IPO.

Previous sections have highlighted how PE funds have been able to increase revenues of their portfolio firms. Here we will concentrate on the strategies implemented by PE firms in order to achieve those results.

In fact, several studies have found that employment, asset, value added, and sales growth rates of PE-backed firms exceed their benchmarks ex.

Boucly et al. PE funds can provide resources and managerial advisory for inorganic growth, and foster organic growth, through governance and operational engineering.

In particular, some research seems to conclude that GPs with operational background tend to concentrate on internal growth, while those with financial background try to increase the value through external growth Acharya et al.

It is no mystery that PE funds put increased pressure on the shoulders of former or incumbent management in order to improve revenues. This is achieved both increasing leverage and therefore need of cash to service debt , and by pushing for ambitious business plans.

As active investors, PE funds closely monitor the management actions, streamlining the execution of the new strategy.

Berg and Gottschalg offer an interesting perspective on inorganic growth with the so-called buy and build strategies.

Such strategy manages to establish a dominant market position and to capture economics of scale. Poltrona Frau Group development is a good example for this kind of behavior see Chapter 4.

Nikoskelainen and Wright conclude that BO returns 1 Sample: exited buyouts in the UK, period These include 52 IPOs, 91 trade sales to strategic or industrial buyers, 57 secondary buyouts involving sale to another private equity investor, and exits where the buyouts have filed for either bankruptcy or bankruptcy protection.

Private Equity and Growth are often driven by acquisitions during the holding period, while the study shows that buy-ins are more driven by divestment which negatively affect BOs.

This seem to support the theory of enhanced entrepreneurial mindset brought by PE funds, in the case of buy-outs acquisitions as reflection of opportunity-driven management , and of reduced agency costs, in the case of buy-ins divestment of non profitable projects.

Hammer et al. This is particularly true outside the Anglo-Saxon world, where credit markets are smaller and less functioning. Data supporting this hypothesis for French companies similar, in size and structure, to Italian ones , are particularly significant: Boucly et al.

Growth is particularly evident for private- to-private transactions in financially dependent industries, while public-to-private and divisional buyouts seem to focus more on profitability, independently from the industry.

A similar statement is made by Teti and Casillo , who underline as risk capital brought by private equity firms and other equity investors could provide those resources that banking system cannot assure any more in this particular conjuncture.

Teti and Casillo highlight the role of PE in the listing of Italian firms, explaining how the combination of PE and capital markets can relieve the financial structure of Italian companies, traditionally bank oriented, even generating liquidity excess as a result of the considerable reduction of financial debt.

Therefore, more resources are available in order to pursue innovative projects and fuel corporate expansion. Innovation is itself a powerful driver for internal growth, especially for firms in the so called Made in Italy segment see Chap 4.

Taking number of patents as proxies for innovation, Lerner et al. Zahara and Fescina , building on previous literature on increased new products development after a buyout, demonstrate that PE deals have 3 Sample: firms that received private equity backing between and , and filed at least one patent.

These results are coherent with the aforementioned dimension of renewed entrepreneurial spirit brought by PE funds Bruining et al. Particularly in Italy, international expansion has proved to be one of the main levers of growth, pursued both though acquisitions and export.

Literature underlines how PE funds contribute in this sense not only proving capital, but especially through 1 man- agerial experience, 2 commercial network, 3 willingness to pursue maximum growth and development, in order to achieve higher IRR at exit, and 4 broad track record PEM, Even if it is debated whether internationalization brings actual value, or just boosts growth to the expenses of profitability Lu and Beamish, , surely for SMEs, particularly in the European context, going international is essential in order to remain competitive.

Analyzing 73 Italian PE deals between and mainly private-to- private buyouts, with average revenue around EUR Mn , PEM finds that the share of export on total sales during holding period increases by Those figures are supported both by foreign acquisi- tion, and partnerships creation.

For the adoption of the perspective described in this section to Poltrona Frau Group case, see Chapter 4, pp. Some people think design means how it looks.

Therefore, the case study will allow the reader to appreciate the increasing importance of private equity in Italy, supporting entrepreneurship, providing capital, and leading firms with an important history to step off from a traditional, domestic dimension, towards a modern, international perspective.

The analysis will proceed as follows. In the first part, there will be a presentation of the Italian high end furniture sector, with a particular emphasis on its relation with private equity; data presented have been elaborated mainly from Private Equity Monitor, AIDA, 1 Mitchell Kapor.

Case Study: Poltrona Frau Group AIFI, and Fondazione Altagamma. Second, the two protagonists of the case study will be introduced: the private equity fund Charme Investments and Poltrona Frau Group.

Therefore, the high-end segment plays a key role in Italian economy. Firms in this segment employ an average of units, while the average in remaining sectors is Indirect employment is estimated in 4.

Design and Furniture is among the most resilient categories of high-end products. It entails highly qualified manpower, and an unique business model with the right mix of technology, company culture, creativity, and know-how.

However, the high-end segment is bounded to the dynamics of the broader Italian furniture sector, which is a mature and highly fragmented industry.

Firms active in the sector are in the range of 36,, with an average of six employees per firm, and, typically, family ownership Lojacono, Source: Fondazione Altagamma website.

For high-end furniture and design, we used a sample of 16 firms, members of Fondazione Altagamma. Italian High-end Furniture Sector are shown in Figure 4.

In the period , high-end firms have outperformed the benchmark in both size and profitability growth, with a Sales CAGR of Sales growth has mainly been driven by export; data underline the double consequence of the emergence of high growth countries: on one side, they exert high price competition against low-end manufacturers; on the other side, their boost export, that usually matches high-end products.

High-end shows good liquidity, in line or slightly above the benchmark. Leverage is lower, on average, for the high-end group. Looking at profitability ratios, return on assets and return on sales are well above the benchmark, while return on investment is similar between the two groups, with high-end experiencing a relevant growth in the last years.

Italy is an historical leader in furniture production, with the reputation of Made in Italy recognized by foreign retailers and consumers all over the world.

Among the key factors of this success, large investments in design, and a business model based on industrial districts are worth mentioning.

Today, Italy is the fourth largest furniture producer in the world, after China, the USA and Germany, and it ranks third for furniture exports after China and Germany.

Constantly in this decade, roughly half of the production has been destined to export CISL, The predominance of small and micro family firms has allowed the industry to achieve a high level of flexibility and product innovation.

In order to have more consistent data, only firms with Revenues from sales and services in between , and 5, euros are included in the benchmark , amounting to companies.

Case Study: Poltrona Frau Group Figure 4. This constraint appears par- ticularly critical, since countries with a strong cultural, administrative, geographical and economical distance are starting having more and more relevance with respect to the past, therefore asking for a better commercial structure to face that distance CISL This represents the so called liability of foreignness, meaning the disadvantages that a firm has to face because of the lack of knowledge of the local market and its functioning rules Zaheer, Those disadvantages and social costs arise from the unfamiliarity, from the relational, and discriminatory hazards that foreign firms face over and above those faced by local firms in the host country.

LOF is a core strategic issue, and therefore requires a professional management approach Eden and Miller, Moreover, in the last decade the competition has been particularly strong on the side of cost efficiency, with new countries ready to offer lower cost of raw materials and manpower.

Changes have happened also in the internal market context, since the competition has climbed with the entrance of additional players, and the evolution of distribution and logistics.

Italian High-end Furniture Sector of the competition on price, 3 need to face the international context, developing strong managerial and financial resources.

In order to face this challenges, Italian firms in the furniture industry have adopted different strategies aimed to overcoming the size problem and allowing the access to incremental resources: partnerships, acquisition, horizontal diversification, reinforcement of equity with the contribution of external investors are the most common Eden and Miller, The partnership solution allows firms to exploit synergies among different functions inside the value chain.

As an example, in Boffi, Living and Porro, have decided to join strengths opening a showroom in New York, with the aim to accelerate the penetration in the markets.

They based their alliance, on one side, to their complementary products portfolio, and on the other hand, on the sharing of the same business culture.

This has allowed the three firms to make up for the need of relevant financial resources, without having to give up their autonomy. In the same city, Cassina has activated a partnership with Flos for the creation of a logistic platform, in order to better serve the US market, achieving significant cost reductions.

A second solution is represented by inorganic growth by acquisition. Acquisitions are aimed to achieve quickly richer portfolio, and bigger size.

As an example, Poliform acquired Varenna in , adding to a portfolio specialized in living room and bedroom furniture the kitchen segment.

Acquisitions and partnerships can also lead to a drastic change in the structure of the offer, allowing firms to diversify horizontally. The most revealing examples of horizontal diversification are to be found in the fashion industry, with a lot of firms expanding and differentiating in relatively weakly correlated sectors.

Plenty of famous fashion companies have decided to enter the furniture business, taking advantage from the international resonance of their brands.

Many of the products that comprise the home-ware lines of luxury fashion brands are manufactured and sold through licensing agreements.

These licensing agreements allow fashion brands to generate additional revenue streams without taking on operating costs. Case Study: Poltrona Frau Group to external investors, and in particular to private equity funds.

In this context, it is interesting to study the role of private equity in providing financial resources and knowledge needed in order to activate aggre- gation, internationalization and internal reorganization.

In the last decade, the private equity industry has shown a keen interest in high-end furniture, and generally in the companies linked to the Made in Italy concept.

Funds have learned how to cope with the dynamics of the sector, and invest in relatively small size firms, while targets have started to accept dilution of control and an external oversight.

Besides, firms in the Made in Italy compartment have the characteristics that are looked for from private equity firms: high growth potential, good cash flow, opportunity for internationalization, strong brands.

Italian High-end Furniture Sector Figure 4. Only deals from non governmental private equity houses are included. Source: Elaboration from PEM.

This results have been achieved throughout different kinds of deals. Expansion oper- ations have represented a strong push for small and medium firms, in order to strengthen their competitiveness in the international field.

Buyouts allowed to deal with the delicate phase of generational change and the evolution from a family structure to a managerial one, as well as provid- ing financial resources.

Target firms have outperformed the benchmark in employment as well, notwithstanding a challenging economical conjuncture The average number of employees for companies involved in the deals is , with average revenues of Mln euro.

Case Study: Poltrona Frau Group bigger targets. One of the main risks, when the involvement of private equity occurs, is to put strong emphasis on a short term perspective, trying to aggressively recover profitability in order to face the high level of leverage, typical of buyout operations.

In this scenario, the nature of private equity houses can be highly relevant Eden and Miller, This is the case of Charme Investments and its involvement with Poltrona Frau, which lasted 10 years and lead to the creation of a strong, international player in the high-end furniture segment6.

Charme Investments 4. In ten years, the Group was able to gain a major role in the international scenario, with a market share of 4. Established in , the SGR objective has been to invest in funds with a strong industrial and entrepreneurial component, maintaining long-term investment perspective.

Charme Investments was created in , with the aim to promote firms playing in consumer goods and luxury segments, and specializing in acquisition transactions.

The fund was based in Luxembourg, and started its activity with Mln euro liquidity, closing in with Mln.

The main investors in Charme fund have been FiSvi Cinque Montezemolo , Moschini srl Moschini , Unicredit Bank Ag, Diego della Valle, Banca Intermobiliare, Lorenzo Gorgoni, Seragnoli family, Moncanino Marsiaj , Gianni Punzo, Merloni family, and Nerio Alessandri.

The fund developed with the acquisition of targets with high development potential: from the very beginning, the Figure 4.

Case Study: Poltrona Frau Group stated strategy has been to invest in companies with high growth potential, strong brands, and high-quality products.

In addition to financial resources, Charme Investments has provided its portfolio firms with a strong managerial structure, in order to accelerate the growth process, working along with the existing management instead of taking over.

The growth of the investments commitment led, in , to the creation of Charme II, as a natural continuation of Charme Investments.

First closing for Charme II was Mn euro, with contributions from the original investors of Charme, and some new partners as the royal family of Abu Dhabi, the royal family of Bahrain, Ratan Tata, Bouygues family, and Banco Santander.

Similarly to Charme Investments, Charme II strategy involved investment in Italian and foreign branded goods, choosing as targets companies with strong brands and inter- national growth potential.

However, in line with Charme, the new fund would privilege and industrial and entrepreneurial logic, without rigid way-out and returns targets, and preferably with relatively small use of leverage.

Charme II main investments have been: Octo Telematics Europen leader in the supply of telco and insurance services, exit in , and Bellco exit in Resources where nearly over at the end of , with returns at 2.

Final closing is set for June , when the fund is expected to reach EUR Mln. It is worth noticing that the three funds chose to focus on the typical made in Italy companies, with strong brands and international recognition, such as food products, fashion, and jewelry; the investment period, set in advance for Opera and L Capital, has been quite long for all the funds between five and ten years, reflecting an entrepreneurial, rather then purely finan- cial, approach to the targets.

Case Study: Poltrona Frau Group 4. Figure 4. Source: Company Data Figure 4. Source: Elabo- ration from AIDA. Poltrona Frau Group In , the Group generated revenues for EUR Mln, with an increase of Segmentation by Brand, Geography and Business Segment is dis- played in Figure 4.

Each of them has strong heritage, rooted to its identity, style and design. The Group was able to leverage on the diversity and history of each brand, in order to reach the adequate size to consolidate the industry leadership in the key international markets, and consistently communicate the intrinsic value of each brand.

A strong emphasis is given to the uniqueness and complementarity in pricing, style and product offer See Figure 4. A superior industrial know how has different declination across the three brands: for Poltrona Frau, the focus is on traditional materials and iconic workmanship; Cassina relies on a strong carpentry department, with top end standards from sourcing to the manufacturing process; Cappellini has an unrivaled ability for the exploitation of new technologies on a wide range of materials for high design products.

Source: Elaboration from Company Data. Case Study: Poltrona Frau Group The Group is able to engage renowned designers, giving them technical support and cultivating long term relationships.

This leads to strong design and development skills, which, together with a consistent retail strategy, and important relationships with ex- clusive brands, have been the keys to the worldwide success of Poltrona Frau Group, recognized also by various design and innovation awards.

The business model guarantees independence among the three main brands, and to the different market segments: Residential, Luxury Interiors, and Luxury in Motion.

The brand portfolio as we can see it now is the consequence of both an acquisition strategy, started in by Franco Mosconi with the acquisition of Gebruder Thonet Vienna, and a reorganization and refocusing process, which took place after the IPO.

The following paragraphs give account of the main brands that have been making up Poltrona Frau Group during the period Source: Company Data Poltrona Frau.

Poltrona Frau was established in by Renzo Frau, an artisan from Cagliari. Frau who moved to Turin and founded the company there, becoming in the official supplier of the Royal House.

In the 50s, following the death of the founder, the company went to serious difficulty and came close to bankruptcy. One of the most highly exposed creditors was Conceria del Chienti, owned by the Nazareno Gabrielli family.

Poltrona Frau Group out. Franco Moschino took over Poltrona Frau in , becoming the only shareholder in Since , the company has been run by CEO Giuliano Mosconi, and started the process of expansion of the firm that would be carried on by Charme Investments, with the acquisitions of Gebruder Thonet Vienna , Gufram and Celi Poltrona Frau focuses on luxury products with a classical design.

Its core values are expert craftsmanship and the attention to the materials, both traditional leather, which has its on brand Pelle Frau , and innovative carbon fiber, titanium.

The business model is based on three business units: Residential, Luxury in Motion cars, planes, helicopters, and yachts and Contract seating for theaters hotels, luxury companies stores, restaurants Fil-rouge of the three business segments is PelleFrau, an exclusive leather brand.

Over the last 20 years, the it has completed over 60 theaters and auditorium worldwide Oslo Opera House, Auditorium Parco della Musica in Rome, European Parliament, Walt Disney Concert Hall in LA, etc.

At the time of acquisition, Poltrona Frau had a satisfying performance, even if prof- itability was lower with respect to the sector, and low activity in international markets.

Cappellini was established in by Enrico Cappellini, as a small furni- ture workshop. From the firm showed a strong attention to innovation and exper- imentation in design.

In , the designer and architect Giulio Cappellini joined the management team, and the company started working with the most famous avant-garde architect and designers.

In order to achieve that, beside keeping relationships with renowned designers, the company has been scouting for new designers worldwide.

The acquisition was followed by a deep 7 Company website. Case Study: Poltrona Frau Group restructuring that saved Cappellini from failure Galloni and Mangiarotti, Gebruder Thonet Vienna GmbH was founded in by Michael Thonet and was one of the first international furniture firms; the company based its success on the popularity of the No.

Gebruder Thonet Vienna was then able to integrate the industrial dimension with design and quality, specializing in wood chairs, with a classical style and mid-market positioning.

Between the end of XIX and the beginning of XX cent. Gebrueder Thoet was acquired by Poltrona Frau in for EUR However, the brand gradually lost strategic importance for the group after the acquisition of Cassina and Cappellini.

Gufram was established in , but its origins go back until the beginning of the XX cent. It acquired visibility in the s as the company at the forefront of the radical design movement.

Starting from , Gufram established a contract division, providing appliances for public sites and seating for auditoriums and conference rooms.

Established in , Cassina represents the best of Italian industrial design. Cassina played a key role in the passage from artisan manu- facturing to mass production, thanks to the close cooperation between external designers 8 Company website.

The firm is internationally renown for its several cult products, comprised in its three collections: I Maestri which includes products by Le Corbusier, Frank Lloyd Wright and Charles Mackintosh, icons of the worldwide design of the last century , I Contemporanei with creations by some of the most important contemporary designers, such as Vico Magistretti and Piero Lissoni , and finally SimonCollezione, following the acquisition, in , of Mobili Simon.

Flagship stores are located in Milan, Paris, New York and Tokyo; moreover, Cassina models are displayed in some of the most representative museums in the world, such as MoMA in New York and the Tate Gallery in London.

The Contract activities of Cassina started in , with the realization of ship interiors, in particular those of Andrea Doria in cooperation with Gio Ponti.

At the moment of acquisition, in , Cassina portfolio included two other important brands: Alias seating for contract and residential market , Nemo contemporary-style lighting for residential, offices, hotels and showrooms.

The com- pany products mostly included seats for households and community spaces, bookshelves and containers. At the time of acquisition, Cassina showed good solidity and revenues generation, but profitability was following a downward trend, undermining development opportunities.

Right: Brands portfolio before reorganization. Source: Elaboration from Company Website. Poltrona Frau Group Figure 4.

Source: Company Website. Following the process restructuring see later , the company retains full control over the entire production process and carries out directly the higher value-added steps, while lower value-added phases are outsourced.

The group currently has a workforce of individuals, with a decrease from individuals in , due to the exit of the Shengzhou site from the scope of consolidation, and the decrease in volumes in the last months of the year of the Detroit plant.

In Italy, Poltrona Frau Group employs people. The proprietary Pelle Frau trademark states the quality of the leather used in production. The raw materials procurement process is driven by customer orders; tight quality control is exercised throughout the production cycle, from the purchase of materials to instrumental and visual controls at the completion of the different phases of the production cycle.

Part of the revenues earned by the Group has high level of seasonality, with contracts being completed mostly in the second half of the year.

This revenues seasonality, associ- ated with a greater concentration of communication and marketing costs in the first half 9 Company Reports.

Source: Company Data of the year, usually causes the absorption of funds in the first three quarters of the year and a considerable generation of cash only in the fourth quarter.

Those costs are greatly concentrated in the first half of the year, connected in particular with the Salone Internazionale del Mobile of Milan.

Main communication targets differ for each brand: Frau targets mainly end-users, Cassina is instead focused on trade dealers, while Cappellini focuses on architects and designers.

Product rotation, in particular for high-end products is also fairly low, thus requiring considerable investments in inventory.

Distribution therefore largely relies on the whole- sale channel, multi-brand stores in particular Lojacono, Mono-brand stores help enhance the brand image and are key for penetrating new markets but are only financially sustainable in large cities.

Directly operated stores i. Poltrona Frau Group visible locations, where format and store quality control are essential for preserving and transmitting brand values.

DOS are also a reference point for PR activities and often a key support for the contract business. The Group has developed a fairly extensive distri- bution network, with 70 mono-brand and multi-brand Group stores opened with selected partners and 24 DOS, in prime locations in major Italian and international cities.

In , nine showrooms were opened, four of which in China. The investment period can be divided into two main phases.

In this period, Cassina and Cappellini joined Poltrona Frau. At the end of the first phase, Poltrona Frau Group was listed on Milan Stock Exchange via IPO.

After the listing, a second phase began. Finally, Charme exited the investment in , via a trade sale to Haworth Inc. Poltrona Frau Group and Charme Investments Figure 4.

Debt was quite low with net debt In this context, in Dec. The option was exerted on Oct. In the Group Annual Financial Report the management highlights the need to increase the company size and widen the product offer, in order to keep up with new competitive dynamics in the global market.

Therefore, a strategy of internationalization and growth through acquisitions was envisaged, with the partnership of Charme fund, and the acquisition of Cappellini as the first step in that direction.

The selection has also put together a wide product range upholstery, furniture, beds, office products, contract and a full set of industrial know-how in manufacturing and use of materials.

This was quite new in the Italian scenario, in particular in luxury firms, since the context was characterized by family-owned, small size companies.

Second, Poltrona Frau purchased Cappellini via Cap Design. To- tal cost of the operation was 5. Cappellini struggled with profitability recovery, and will not achieve positive EBITDA until Financial performance.

Source: AIDA. Case Study: Poltrona Frau Group Cassina The acquisition of Cassina was a fundamental step towards the creation of the Italian strongest luxury furniture concentration.

The acquisition proceeded as follows: 1 creation of Cassina Holding SpA on May In order to face the 50 M outflow, Poltrona Frau increased its capital by EUR 20 M, and obtained a long-term loan for 20Mln.

The total cost was EUR Mln. Netted of debt, the outflow for Poltrona Frau was The brand portfolio included, along with the leading brand, Nemo and Alias.

Follow- ing the acquisition of Cassina, pro-forma group turnover i. Pre-acquisition financial performance. Poltrona Frau Group and Charme Investments At this stage, the minor brands, Nemo, Alias, Gebrunder Thonet Vienna and Gufram played a secondary role, but they remained highly complementary with the core brands in the portfolio.

Other Less known if compared with the previous ones, the acquisition of MENO Warenhandles Gmch took place in July The strategic importance of MENO was based on 1 ownership of the Thonet brand, and 2 control of the Austrian shops in Vienna, Linz and Graz, which represented an important sales channels to consolidate the presence of the Poltrona Frau group in the Austrian market.

Between and , other minor acquisition have been carried out; Figure 4. Source: Company Data. Source: Elaboration from Company Data Financial Performance Figure 4.

Source: Company Data The main effects of strategy on the financial performance see Figure4. EBITDA margin improved as well, from 3. Poltrona Frau Group and Charme Investments with cumulative EBITDA losses greater than EUR 3 M.

The loss in the Cappellini sector was due to a more careful evaluation of the existing warehouse inventories at the end of the year, in addition to production efficiency problems; while the loss in the Lighting sector was principally due reduction in sales fir the American subsidiary Illuminating Experiences.

Finally, the loss of the Thonet sector was due to low sales, unable to cover fixed costs. This elements would be a starting point for the restructuring phase starting after the IPO.

The destination of this flows towards the firm has increased constantly. Case Study: Poltrona Frau Group to Source: Lojacono and Guerini In order to achieve those goals, and in particular to support growth in international markets, the company looked for new resources, leading to the listing at the STAR segment of Borsa Italiana.

The actions made in the first years of Charme Investment involvement with Poltrona Frau, brought the Group to design an unique competitive strategy, underpinned by the elements in Figure 4.

Those elements will be the key value drivers of the company for the following years. Source: Consolidated annual Financial Statements.

The newly issued shares amounted to 8,, while the shareholders offered 40,, shares for sale, for an offer price of euro 2.

Total return for the firm, gross of listing costs, was equal to approximately EUR First day of negotiation of the Poltrona Frau stock was 15 November Context Prior to the listing, Poltrona Frau commissioned a study on the worldwide furniture mar- ket to Bain and Co.

EUR 7. This strong worldwide market growth would be fueled by: 1 larger and more affluent social groups in emerging countries; 2 cultural changes in consumer behavior, which should have made prestigious, high quality, status symbol products even more appealing; 3 internationalization, which should further increase vis- ibility.

Poltrona Frau Group and Charme Investments to high-end of the furniture market and were highly complementary, offering a combina- tion of traditional, contemporary and innovative styles.

IPO main features In November , Poltrona Frau SpA was listed on the STAR segment of the Milan Stock Exchange. The Initial Public Offering IPO got under way on Oct.

It consisted in a Shares had been priced between 1. Final price was 2. Global coordinators in the operation were UniCredit Banca Mobiliare SpA and Merrill Lynch International.

Costs relating to the listing process were equal to approximately Euro 6 M. The IPO comprised a rights issue for 8.

IPO proceeds were used to reduce indebtedness and finance growth. Results of the operation are detailed in Figure 4.

Source: Borsa Italiana. Deal structure Initial public offering IPO or stock market launch is a type of public offering in which shares of stock in a company usually are sold to institutional investors that price the company receives from the institutional investors is the IPO price that in turn sell to the general public, on a securities exchange, for the first time.

An over allotment option Greenshoe was provided for as well, under which the issuers allowed the underwriters to sell additional 5.

The option expired 30 days after the starting of trading. Book-building range was set between 1. Poltrona Frau Group and Charme Investments Before the IPO, the board of directors approved a stock option plan for some 50 key employees and consultants.

The plan offered the right to subscribe for up to 2. The plan, which expired at end , allowed beneficiaries to exercise two thirds of the options 2 years after the IPO November and one third the following year November The option rights were fully allocated at the end of FY , with , shares allocated to members of the Board of Directors Moschini, Mosconi, Moiso , , to managers, and the remaining to other employees and collaborators.

For the three main shareholders, a lock-in clause was called for. The commitment regarded the overall offer of subscription and sale of shares, for one year after the start of negotiations.

Results are based on DCF valuation and multiple analysis. Discounted Cash Flow valuation was performed using a WACC of 7. The resulting price per share is euro 2.

The median PE for Residential Furniture was For Office Furniture, E PE multiples were Luxury and branded goods peer group tradeed at a E and E PE of On the other hand, taking as reference the financial figures at the end of , and Funiture multiples, Poltrona Frau price per share resulted 1.

Source: Bloomberg. Source: Public data. A huge drop in price, from which the company recovered only in , was experienced starting from , due to economic recession and consequent lower revenues.

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1 Kommentar

  1. Dira

    Wenn auch auf Ihre Weise wird. Sei, wie Sie wollen.

  2. Malazuru

    Ich wollte mit Ihnen reden.

  3. Kekus

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