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Giacomelli: Happy Ending?

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RIMINI, Italy (March 30) – It seems like there is light at the end of the tunnel for Giacomelli – after years of trouble, the remaining stores have now been sold. Buyer is Ottanta, a new company formed by Camuzzi International and Profito Spinnaker. Camuzzi is a large Italian group with interests in various enterprises […]

RIMINI, Italy (March 30) – It seems like there is light at the end of the tunnel for Giacomelli – after years of trouble, the remaining stores have now been sold. Buyer is Ottanta, a new company formed by Camuzzi International and Profito Spinnaker. Camuzzi is a large Italian group with interests in various enterprises from shipbuilding to auction houses. Spinnaker is a Luxembourg investment fund. Italian officials have approved the takeover, which includes re-hiring the entire (some 500 people) Giacomelli staff. Ottanta will invest € 10 million in the Giacomelli stores, to clean up the image and restore customer faith.
Management of the new Ottanta company is made up of experienced people. Fausto Arditi, buying director, Alberto Barigazzi, logistics and IT, are long time employees of Giacomelli. Degli Esposti (formerly of Sector) has been appointed CEO of the new company. Plans include the opening of new, 1000 square meter shops in shopping malls and expanding the range in all stores. Buying at the big brands has already begun, as there are now the 49 ex-Giacomelli stores to supply, all over Italy. (MH)

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