BRDH Burani

RNS Number:8454T
Burani Designer Holding N.V.
07 May 2008



7 May 2008



  BURANI DESIGNER HOLDING'S LISTED LEATHER GOODS DIVISION ANTICHI PELLETTIERI
   ANNOUNCES THE ACQUISITION OF 100% OF FINDUCK, OWNER OF THE RENOWNED BRAND,
                                 MANDARINA DUCK




Burani Designer Holding N.V (AIM: BRDH), a company offering Italian lifestyle
products and services to customers world-wide, today notes that the company's
listed leather goods division, Antichi Pellettieri, majority owned by BDH's
subsidiary Mariella Burani Fashion Group S.p.A (MBFG), in which BDH holds a 61%
stake, made the following announcement yesterday after market close:


PRESS RELEASE
ANTICHI PELLETTIERI
Cavriago (RE) - May 6, 2008



ANTICHI PELLETTIERI ACQUIRES 100% OF FINDUCK, OWNER OF THE RENOWNED BRAND
MANDARINA DUCK, AND ACQUIRES THE REMAINING 14% OF FRANCESCO BIASIA


Antichi Pelletieri S.p.A. , a leading Leather Goods company controlled by
Mariella Burani Fashion Group, announces it has signed a contract for the
acquisition of 100% of the stock of Finduck S.r.L. ("Finduck"), from Finduck
Group S.p.A.


Finduck, founded in Bologna, Italy in 1977 owns the Mandarina Duck brand.


The Mandarina Duck brand, established amongst the leading international brands
in the accessible luxury goods market, provides a full range of handbags and
accessories for travel, work, and sports.  The brand is particularly known for
the light, functional nature of its accessories made possible by a unique,
innovative mix of technical materials particularly  suited to a young, dynamic
clientele.


Finduck generated approximately Euro67 million of revenues in 2007 with a
corresponding Ebitda margin in excess of 13%. The majority of the company's
revenues are generated in Western Europe, providing Antichi Pellettieri an
excellent opportunity to further develop the Mandarina Duck brand in emerging
markets; markets that today generate over 40% of AP revenues.


Over 40% of 2007 revenues were generated from Finduck's extensive retail network
that includes 94 Mandarina Duck boutiques world-wide (35 directly operated
stores and 59 franchisees), of which 41 are located in Italy, 33 in other
Western European countries, and 20 worldwide.  The international retail network
of Antichi Pellettieri (176 boutiques at December 31, 2007) will be complemented
by the retail network of Finduck, and is expected to include over 285 boutiques
by year end.



The transaction

The transaction structure provides that Antichi Pellettieri will acquire 100% of
the equity of Finduck for Euro36.9 million.


Finduck Group S.p.A. will acquire, from Mariella Burani Fashion Group, from a
minimum of Euro16 million to a maximum of Euro22 million of Antichi Pellettieri shares
at Euro 9.5 each (representing between 3.70% and 5.09% of the outstanding stock of
AP).  The AP shares acquired will be subject to a lock-up clause which expires
at eight months intervals (8 months, 16 months, and 24 months after the date of
closing) for one third of the total shares acquired at each interval. The price
paid for the AP shares reflects a 20.4% premium above the average stock price of
AP over the past three months.


AP will assume the Net debt of Finduck, of Euro18.9 million at December 31, 2007.
The enterprise value of Finduck in this transaction is calculated as Euro55.8
million, resulting in a 2007 EV/Ebitda multiple of 6.2x.


The closing is subject to the completion of a restructuring process within
Finduck and approval from the Italian and German antitrust authorities.


With the acquisition of Finduck, AP will have further reinforced its leading
position in the European accessible luxury goods market with pro-forma 2007
revenues of over Euro360 million.


In addition, the acquisition will increase the weight of revenues generated from
Leather Goods within Mariella Burani Fahion Group, coherent with MBFG's strategy
to focus on market segments characterised by high growth and profitability.


Giovanni Stella, CEO of Antichi Pellettieri, states "We are pleased to have
acquired Finduck and believe the acquisition provides an excellent opportunity
to accelerate the growth of both, AP and Mandarina Duck internationally by
entering into market segments, such as travel and work, that are considered
complementary as well as strategic".


Antichi Pellettieri was advised in the transaction by Barclay's Bank PLC, the
Studio Marchesi Colombo Cipolla Mattavelli & Associati and the legal firm of
Legance Studio Legale Associato; Mariella Burani Fashion Group was advised by JP
Morgan; the Finduck Group was advised by Dott. Claudio Malgarini and the legal
firm Studio Legale Chiomenti.


FRANCESCO BIASIA SPA

Antichi Pellettieri acquired the remaining 14% of  the equity of  Francesco
Biasia  from  Claudio Biasia for Euro4,5 million ; Euro 2,25 million  to be paid at
closing and Euro2,25 million  to be paid by October, 2008.  After this transaction
closes, Antichi Pellettieri  will own  100% of  the  equity of Francesco Biasia
S.p.A..



Contacts

Carol Brumer Investor Relations e Strategic Development:
cbrumer@mariellaburani.com,  tel. (+39) 02 76420111

Daniela Zari Direttore Corporate Communication: dzari@mariellaburani.com, tel.
(+39) 02 76015354



Antichi Pellettieri is a European leader in the accessible segment of the luxury
goods market with a consolidated international presence.  The Group designs,
produces, and distributes handbags and accessories, footwear, and leather
apparel collections characterised by top quality and innovative design.  A
flexible business model provides for control at all critical phases of the
production and distribution cycle including, product design and development,
production planning, raw material procurement, quality control, marketing,
public relations, and distribution.  Production and logistics functions are
outsourced to an established and qualified base of third party contractors,
closely controlled by AP to guarantee quality and efficiency.




Enquiries:

Burani Designer Holding N.V.             Tel: +39 027 642 0111 /+39 348 256 1971
Carol Brumer (cbrumer@buranidh.com)


Citigate Dewe Rogerson                   Tel: +44 20 7638 9571
Kate Delahunty
Sarah Gestetner



www.buranidh.com



NOTES TO EDITORS

The BDH Group offers a complementary range of "Italian lifestyle" products and
services to an international customer base.  BDH is a player in fashion apparel,
leather goods and jewellery through its subsidiary Mariella Burani Fashion Group
S.p.A. (MBFG), and in three complementary business segments - beachwear &
underwear, wellness spas & skincare and food design. BDH, listed on London's
Alternative Investment Market (AIM) in June 2007, focuses on growth through the
acquisition and integration of quality "Italian lifestyle" businesses and the
creation of operating divisions able to benefit from scale and synergies of the
BDH GroupH.  The management believes that the in-depth knowledge of luxury
products, the value created by strategic shareholders, the skills of the BDH
team management as well as the Group's investment approach, represent a great
opportunity of value creation for shareholders.


                      This information is provided by RNS
            The company news service from the London Stock Exchange
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