Source: www.fibre2fashion.com
Switzerland based polymer-processing company Oerlikon Group has signed a definitive agreement to acquire Riri Group, a leading coated metal accessories provider for the luxury fashion industry. Both companies are expected to complete this transaction in the first quarter of 2023, subject to regulatory approvals and standard closing conditions.
“Riri is highly complementary to our existing luxury business and will reinforce our fashion jewellery and metallic components for leather goods. It is the ideal next step after our acquisition of Coeurdor in 2021 and will make us a market leader and an integrated provider with a complete offering of coated luxury metalware for high-end fashion brands,” said Michael Suess, executive chairman, Oerlikon. “The acquisition will drive cross-selling and strengthen our footprint in the global luxury metalware market, which sees mid- to-high single-digit growth rates annually.”
“Our portfolio, particularly in zippers and buttons, is an excellent fit to Oerlikon’s strengths in coated metal-based fashion components. Together, we are ideally positioned in Italy and France — the two major European fashion hubs — and can provide a complete offering to fashion customers,” said Renato Usoni, CEO, Riri. “We are excited to join Oerlikon as it will allow us to accelerate the luxury goods industry’s sustainability transition to greener technology by applying technologies such as Oerlikon’s PVD1.”
