After the French Cleor, after the D’Amante jewelers, after the Pierre Roux chain, Morellato concludes another shopping. Big stuff. The Paduan company led by Massimo Carraro buys the German chain Christ for 250 million. It is a substantial investment, which takes Morellato into a new European dimension. In fact, it creates a leading player in the world of jewelry and watches. Carraro concluded the purchase operation from the 3i private equity fund.
Christ is a chain with ancient traditions (over 160 years old) and controls 200 stores. According to estimates, it recorded a 2022 turnover of 410 million. However, the purchase price, 40% lower than the turnover, suggests that the company is not in excellent health: Carraro has the task of making it profitable. On the contrary Morellato, another historic company, which is about to complete its century of life, closed 2021 with revenues up by 49% to 310 million (also the result of the aforementioned acquisitions), but above all with an EBITDA (more or less gross margin) of 87.3 million (+67.6% on 2020). Not only that, thanks to the consolidation of Pierre Roux in the financial statements, Carraro expects a 2022 turnover of around 370 million for its group. Morellato Group controls 11 proprietary and licensed brands, as well as four retail chains with 420 jewelers between Italy and France (Bluespirit, D’Amante, Cleor and Noélie).
