×
74 293
Fashion Jobs
SACK OFF 5TH
Asset Protection Guard
Permanent · FARMINGTON HILLS
JCREW
Merchandise Planner
Permanent · New York
MACY'S
Asset Protection Detective, Pleasanton Stoneridge - Part Time
Permanent · Pleasanton
MACY'S
Asset Protection Officer, West Virginia - Full Time (2840)
Permanent · Martinsburg
MACY'S
Asset Protection Investigator, West Virginia - Part Time (2840)
Permanent · Martinsburg
MACY'S
Asset Protection Detective, Coronado Center - Part Time
Permanent · Albuquerque
MACY'S
Asset Protection Detective, Roosevelt - Part Time
Permanent · Philadelphia
MACY'S
Asset Protection Officer, West Virginia - Part Time (2840)
Permanent · Martinsburg
MACY'S
Manager, Merchandise Execution
Permanent · Aventura
MACY'S
Manager, Asset Protection
Permanent · Capitola
MACY'S
Manager, Merchandise Execution
Permanent · Boca Raton
UNDER ARMOUR
Stock Teammate, Part-Time 5am Shift, $15 Per Hour
Permanent · TANNERSVILLE
UNDER ARMOUR
Stock Lead, ft
Permanent · WOODSTOCK
URBN
Assistant General Manager (m&v)
Permanent · GLEN MILLS
URBN
Free People Senior Merchandise Planner
Permanent · PHILADELPHIA
L'OREAL GROUP
Analyst - Supply Chain
Permanent · Streetsboro
L'OREAL GROUP
Payroll, Senior Business Analyst (IT Liaison) – l’Oreal Corporate Payroll
Permanent · St. Petersburg
L'OREAL GROUP
Senior Manager- Human Resources, Luxe Supply Chain
Permanent · South Brunswick Township
PRANA
Director, Strategic Accounts & Sales Business Development
Permanent · CARLSBAD
BLOOMINGDALE'S
Asset Protection Visual Security Officer, Part Time - Stanford
Permanent · PALO ALTO
ROSS
Store Protection Specialist
Permanent · Tampa
ROSS
Store Protection Specialist
Permanent · McAllen
Translated by
Nicola Mira
Published
Jun 17, 2021
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Exor sets up joint-venture company Nuo with Wwicl to invest in Italian brands

Translated by
Nicola Mira
Published
Jun 17, 2021

There seems to be no stopping Exor, which is regularly mentioned by the Italian media as potentially engaged in creating a major luxury conglomerate in Italy. After buying Chinese label Shang Xia, and a 24% stake in Christian Louboutin, the Agnelli family’s holding company has joined forces with World-Wide Investment Company Limited (Wwicl), Hong Kong’s oldest family office, to create an investment company whose goal is to acquire equity stakes in attractive Italian consumer brands.


John Elkann - Ansa


In a press release, Exor heralded the “partnership between two multi-generational entrepreneurial families, to invest in and support the global development of medium-sized Italian companies specialising in consumer goods excellence.” To do so, Wwicl and Exor have created a joint-venture company, Nuo, in which both partners hold a 50% stake.

Wwicl was founded in 1960 by business mogul Yue-Kong Pao, who at the time was at the helm of one of the world's largest commercial fleets, and is now run by one of Pao’s heirs, Stephen Cheng. Wwicl has already been conducting business in Italy for some time. In 2016, Cheng set up the Nuo Capital investment fund with Tommaso Paoli, a former director at Italian bank Intesa-San Paolo, who is now in charge of the newly founded company Nuo Spa.

In the last few years, Nuo Capital has focused its interest on niche Italian brands, acquiring stakes in a dozen or so companies in the wine, design, high tech and apparel sectors. Nuo Capital made its first investment in the fashion sector in 2018, when it bought a minority stake in label-retailer Slowear.

In 2019, it snapped up a 30% stake in Florentine cosmetics group Ludovico Martelli, which owns a number of brands, the best-known being Proraso, specialised in men’s grooming products, and toothpaste producer Marvis. Wwicl has endowed Nuo with its equity stake in Ludovico Martelli, as well as with some fresh capital. Nuo starts with an initial capital of €300 million, provided in equal parts by both partners, with Exor contributing only financially.


Shaving products by Proraso, owned by Ludovico Martelli and part of Nuo’s portfolio - proraso.com


“Nuo will provide not only capital but also support on how to achieve greater scale while continuing to nurture the culture and uniqueness that differentiate its companies,” the partners said in a press release.

John Elkann, CEO of Exor, which controls among others Ferrari, Italian football club Juventus and automobile manufacturer Stellantis, is a firm believer in Italy’s entrepreneurial tradition, well-known for its “SMEs with strong expertise, renowned creativity and brand authenticity in consumer goods, and particularly in the high-end segments of the market.”

With his partner Cheng, CEO of Wwicl, Elkann said he is especially keen to foster “Italy's high quality, dynamic SMEs, with their wonderful products and tradition, which have true potential to become great companies of tomorrow.”

Copyright © 2023 FashionNetwork.com All rights reserved.