Maglital, an Italian textile manufacturer, has received an €8mn guarantee from export credit agency (ECA) Sace.
Banca Monte dei Paschi di Siena is disbursing €3mn of the total guaranteed by Sace. The other financing tranche is also provided by a bank, but its name remains confidential for the time being.
Additional financial support is being provided by Simest, which is also part of the Cassa Depositi e Prestiti group like Sace. Simest bought a 26% stake, worth €7mn, in Maglital’s mother company Gruppo Finac, owned by the Caprai family.
Maglital, which sells made in Italy accessories and clothing under the brand Cruciani, is planning a €21mn international expansion, opening 20 stores and 100 franchising points worldwide, particularly focusing on the Chinese and Turkish markets. The company’s stores are already present in the UAE, the US, Japan, South Korea, Spain and other European markets.