The Dutch-registered holding company Exor and The World-Wide Investment Company Limited (WWICL), a Hong Kong-based family office, have joined forces to invest in and support the global development of medium-sized Italian companies specializing in consumer goods excellence.
The partners will create a 50/50 owned company called Nuo run by Tommaso Paoli. It will be endowed with initial permanent capital of €300 million, contributed equally by its founders including a 30 percent shareholding in Ludovico Martelli. Founded in 1908, Fiesole-based Ludovico Martelli is a personal care products company.
“Italy is rich in medium-sized enterprises with strong expertise, renowned creativity and brand authenticity in consumer goods and particularly in the high-end segments of the market,” the companies said in a statement. Nuo will help the companies it invests in “make their Italian expertise, creativity and authenticity available to global consumers, and especially in fast-growing Asian markets.”
Exor is controlled by the Agnelli family, an Italian industrial dynasty which founded the car maker Fiat, now part of Stellantis. In March, Exor announced plans to invest €541 million to buy a 24 percent stake in the French luxury shoe maker Christian Louboutin, which is controlled by the founders. Exor plans to help accelerate the development of Christian Louboutin, especially in China.
Exor also has stakes in Ferrari, PartnerRe, Stellantis, CNH Industrial, Juventus FC, The Economist, GEDI Gruppo Editoriale and Shang Xia and has an overall net asset value of around $33 billion.
WWICL was founded in 1960 by the late Yue-Kong Pao. It is the oldest family office in Hong Kong.