Poltrona Frau announces the acquisition of 100% of Cassina
Cassina, the brand that best represents Italian design in the world, is Italian again.
Poltrona Frau has acquired 100% of Cassina from Fimalac (listed at the Paris Stock Exchange) and the Cassina family, thus creating the leading group on a worldwide level both for dimension and positioning in high-end furniture and design.
Cassina is among the world leaders in the high-end sector, with a turnover of some 120 million euro in 2004. It is widely internationally renown for its several cult products, comprised in its two collections: “I Maestri” (which includes products by Le Corbusier and Charles Mackintosh, icons of the worldwide design of the last century) and “I Contemporanei” (with products by some of the most important contemporary designers, such as Vico Magistretti and Philippe Starck).
The brand exclusivity is also strongly supported by the flagship stores in the primary locations of Milan, Paris, New York and Tokyo and by the relevant presence of Cassina product in some of the most representative museums in the world, such as Moma in New York and the Tate Gallery in London.
Cassina Group is also leader in the “contract” business (whose clients include some of the most important luxury brands for the set up of their respective retail networks) and controls two other important brands such as Alias (high quality seatings for collectivities and residential market) and Nemo (lighting).
Poltrona Frau has acquired Cassina with a twofold strategic goal:
- to create an Italian group that will effectively represent in the world the most important brands that made the history of Italian design. The group will enhance the product excellence combined with the modern industrial culture of its various brands and, at the same time, will leverage on the diversity and the history of each brand in the world markets
- to reach the adequate size necessary to consolidate the industry leadership in the key international markets and consistently communicate the value of each brand and the relevant growth potential
Luca di Montezemolo: "After Cappellini, Thonet and Gufram, Cassina represents for Poltrona Frau the final step of a very selective acquisition strategy. I am very pleased, since once again Poltrona Frau has acted in full consistency with its value creation approach. At the end of 2003 we selected Poltrona Frau as the ideal partner to start an entrepreneurial project aimed to create the world leader in the high-end furniture industry. I can say that we have reached, in less than two years, our initial goal. Our mission is now to bring to the world the best of the Italian culture of design.”