ZF » ZF English » Jolidon takes over 65 Infiore stores

Jolidon takes over 65 Infiore stores

Autor: Doru Pop, Cristiana Groza | Data: 14 Feb 2007

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Cluj-based underwear manufacturer Jolidon has bought Infiore, one of Italy's biggest brands, which owns a network of more than 100 stores of its own, of which Jolidon has purchased 65.

The two new brands, Infiore and Chiaro di Luna, became part of Jolidon's portfolio, after the acquisition of the Italian Infiore company, of the Infiore store network in Italy and of the controlling interests in Italian company Emmeci SpA.

"Thirty five of these stores will be integrated under the Jolidon brand, while the remainder will retain the Infiore brand. We will complete the takeover of the stores in March and open the first Jolidon store in Milan in one month's time at the least," Gabriel Cirlig, the company's owner told ZF Transilvania.

He added the deal would be both self-funded and paid for with money borrowed from banks.

Emmeci was established in 1963 and its underwear brands accounted for 14.4% of the market at the time of its acquisition.

This acquisition has helped Jolidon secure access to the most important cities in Italy. The company plans to open 4 self-branded stores in Milan, 3 in Rome and the rest (of the above-mentioned i.e. 35) in the other biggest urban centres of Italy.

The increase in the underwear maker's exports has led to significant investments outside Romania on the part of Jolidon.

Its officials confirmed the increase in the number of stores abroad, with the company totalling around 25 stores in France where it sells Jolidon-branded products exclusively, besides the network in Italy.

Gabriel Cirlig did not care to reveal the exact amount earmarked for the development of the company, but confirmed that Jolidon would indeed continue to expand its international store network.

Jolidon's international expansion began with the establishment of Jolidon Hungary KFT in Budapest in 2000 and continued with Jolidon Italia SRL, opened in Milan in 2001 and with Jolidon France SARL, established in Paris in 2003.

Jolidon opened its second office in France, in Lyon in 2005. In 2004, Jolidon made a new investment by taking over the controlling interests of its main competitor on the Romanian market, Argos SA.

This acquisition is an over 800-employee strong company, with a more than 60-year long tradition in underwear and swimwear manufacturing. Jolidon has also bought one of the main domestic producers of textiles recently, LCS Conf.

Established in Cluj-Napoca in 1993, Jolidon has become one of the major competitors of the international market in the meantime.

Jolidon underwear and swim suits are exported globally, with the main destinations being Italy, France, Hungary, Germany, Switzerland, Belgium, Slovenia, Croatia, Poland, Latvia, Russia, Austria, Cyprus, Malta, United States, Canada, Japan, South Africa, Lebanon and Israel.

Gabriel Cirlig was one of the most active people on the market of transactions in 2006, having bought the controlling interests in brokerage company Interdealer Capital Invest and Flacara Cluj.

The estimates for 2006 put the company's turnover at around 26-30 million euros, compared with 20 million euros in 2005.

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