Amedeo Testoni goes to the Li Ning group in a 5.5 million euro deal. The deal involves, on the one hand, Viva China, i.e. the major shareholder of the Chinese group Li Ning, which recently also took control of Clarks. And, on the other, Sitoy AT Holdings, a Time Group Holdings company that has owned the A.Testoni and I29 brands for three years. Viva China just announced its intention to take over 100% of Sitoy’s share capital for 50 million Hong Kong dollars (just over 5.5 million euros).
Amedeo Testoni goes to the Li Ning group
Amedeo Testoni was founded in 1929 in Bologna. Three years ago, the company, with the A.Testoni and I29 brands, went to Sitoy, a Hong Kong group with two factories in Dongguan, and interests in retail and real estate. Sitoy now goes for HK$50 million to Viva China. Viva China also owns 51% of Lion Rock Capital, which in turn controls Clarks. Sitoy’s biggest asset is the A.Testoni brand.
The reason behind the operation
For the board of Viva China “the acquisition is in line with the business plan”. Buying “the Amedeo Testoni brand is an opportunity”, they say the holding company is confident it can “turn around the financial performance of the Italian brand”. The brand will therefore enrich the group’s portfolio “which will include a combination of fast fashion, premium footwear and luxury brands”.