21 Investimenti is pleased to announce its investment in Pittarello, a leading Italian shoe retailer with strong presence in Northern Italy and Croatia, well positioned on the attractive value for money segment. Pittarello, a family business, began its activities in 1972, when its first shoe shop was opened. Since that time, the company has conducted a progressive growth strategy based on new shop openings and expansion of geographical coverage. Today, Pittarello has 44 directly operated shops in Italy and 9 directly operated shops in Croatia with attractive locations mainly in shopping malls and retail parks. The company employs some 630 people and generated revenues in excess of EUR 120 million in 2010 with an Ebitda margin rate above 12%.
21 Investimenti stood out as a partner of choice for the Pittarello family on account of a proven track record in the implementation of successful managerial transitions and experience in family situations. 21 Investimenti has stepped forward as the financial and strategic player capable of carrying the group forward and conducting a transition while retaining the family philosophy.
In the context of attractive market dynamics and consumption trends, the latter becoming increasingly polarized to the advantage of the lower range, 21 Investimenti will focus on further core growth and geographical coverage broadening through the shop network build-out. The opening of an additional 30 stores in Italy is on the agenda. In addition, 21 Investimenti will implement a client base expansion strategy through optimization of marketing and commercial processes as well as a strengthening of the consumer-brand relationship. With the support of 21 Investimenti, Pittarello is well positioned to reinforce its market presence and provide for a compelling growth story going forward.
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