Italian leather goods retailer Antichi Pelletieri is to buy Bologna-based Mandarina Duck parent Finduck Group for €36.9 million (£29.2 million) and press ahead with an emerging markets expansion plan.

Luxury goods brand Mandarina Duck was established in 1977 and is best known for its range of trendy upmarket handbags and travel accessories. It generated more than 40 per cent of its revenues from its 94 boutiques worldwide last year.

Mandarina Duck’s store portfolio is still dominated by stores in western Europe, with 41 of its stores located in its home base Italy, 33 in other countries in Europe and a further 20 worldwide. Of these, 35 are directly operated stores and 59 are franchises.

Mandarina Duck has a store on Conduit Street, London, and also sells through a number of department stores in the UK.

Antichi Pellettieri has 176 boutiques and said that it plans to focus development of the Mandarina Duck retail network on emerging markets – in particular Asia.

It expects to increase the combined number of boutiques from the present 270 to 285 by the end of the year.

Finduck generated approximately €67 million (£53 million) of sales last year, with an EBITDA margin “in excess of 13 per cent”.

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