From Home Furnishing Business
Calligaris Returns to Family Ownership
Italian upholstery and case goods supplier Calligaris is returning to its family roots.
The company has bought back the 40 percent stake in the company that was sold in 2007 to private equity firm L Capital.
The growth strategy based on brand, retail and international expansion started in 2008 when the company opened its first retail store in Milan. The company said the expansion allowed it to grow and be successful despite challenging economic times. The company said its sales hit nearly $177 million, 65 percent from exports.
Allesandro Calligaris, company chairman, said he is committed to investing in the family business and making it more Italian than ever.
"During these seven years, we have worked with L Capital to make Calligaris more competitive and boost the brand's international visibility by investing increasingly with our partners in Italy and around the world," he said. "The future of any Italian company that wants to expand and go international depends on size. Although already one of the 10 largest Italian furniture companies, its growth should be characterized by a further increase in size in order to strengthen, with adequate investments, the group's presence in all markets int he world. We will be looking closely at any opportunities to join forces with companies in sectors synergistic with ours."