The Brazilian shoe and leather goods supplier Arezzo Indústria e Comércio SA is driving its internationalization forward with an acquisition. On Thursday, the group announced that it would acquire a majority stake in Italian shoe label Paris Texas. According to Arezzo, this is “the first takeover outside of Brazil”. The transaction is “an important step in the strategy to create a global luxury shoe platform,” the company said.
According to the agreement that has now been published, the group of companies will initially acquire 65 percent of the shares in Paris Texas Srl from the previous parent company Baltimora Studio Srl and the founders Massimo Baltimora and Annamaria Brivio via its Italian subsidiary ARZZ Italia Srl. The group put the purchase price at a total of 25 million euros.
An option was also agreed that would allow Arezzo to take over the remaining shares at a future date. After the change of ownership, Baltimora and Brivio are to retain their leadership roles at Paris Texas at least until the end of fiscal 2027, the company said.
