The British financial investor 3i, sells Christ to the Italian Morellato Group.
3i is a leading global private equity firm for majority and minority investments in medium-sized companies. In addition to its core business of medium-sized buyouts, growth and infrastructure financing, 3i is also active in venture capital with selective start-up and early-stage financing. Nine years ago, the financial investor 3i acquired the jewellery chain Christ from the perfume retailer Douglas.
Christ employs around 2,000 people and had sales of more than 410 million euros last year. The CHRIST GROUP is one of the leading European omnichannel providers of all products and services related to jewellery and watches. The group of companies with its own logistics operates more than 200 shops, several large online shops and stands for exclusive service and excellent advisory skills.
Morellato is the leading jewellery and watch retailer and manufacturer on the domestic market and operates more than 400 jewellery shops in Italy and France. Morellato operates a business model that is unique in Europe, encompassing the jewellery and watch supply chain, brand management, wholesale and retail.
The acquisition creates a joint distribution network with around 620 shops in Italy, France, Germany and Austria. Unlike Christ, Morellato has so far only invested cautiously in the digital business. Online sales are now to be expanded, but the Italians also want to grow in stationary sales as well as in production and wholesale.
taxess advised on the tax and structural aspects of the sale.
