Martedì, 25 Settembre 2018

Trussardi wants govt shield against foreign raiders


(By Emily Backus)
Rome, August 27 - Tomaso Trussardi, one of the
heirs to the luxury leather and fashion goods group Trussardi,
told the newspaper La Repubblica that companies in his sector
need more government protection in an interview published on
"We, who are an Italian business from Italy, do not feel
protected. We must always fight, even in a sector that is among
the most important for the country," said Trussardi, who has run
Trussardi with his sisters Beatrice and Gaia, since the death of
his father Nicola and brother Francesco.
Tomaso Trussardi expressed dissatisfaction with the
government's tutelage of "training, credit access, and
especially the international network for supporting Italian
companies beyond its borders".
Trussardi's complaints come less than a month after Fiat
CEO Sergio Marchionne told analysts that industrial conditions
were "impossible" in Italy, sparking industry and regional
leaders to rally to his defence.
"Where is the government's industrial policy? How long do
we have to wait to see something done? There is no more time,"
complained Piedmont Governor Roberto Cota, while Veneto Governor
Luca Zaia accused Rome of "sleeping" while businesses fled to
places where "taxes are fair and (regulatory) obligations are
Trussardi's interview also follows a spate of foreign
buyouts of historic Italian brands, including two in July -
LVMH's takover of storied cashmere firm Loro Piana and Turkish
Toksoz group's acquisition of Pernigotti chocolates.
Luxury goods groups Pomellato, Bulgari, Brioni and
Valentino and major consumer goods companies Parmalat, Findus
Italy, Marazzi, Ducati and Bertolli have all been bought in the
past five years, the Financial Times reported last week in an
article about the unravelling of a powerful web of
cross-holdings that once kept the reins of Italian capitalism in
the hands of "salotto buono" or "fine drawing room" power
The FT wrote that influential Italian companies are ceding
stakes in each other under the extreme financial pressure
wrought by Italy's longest postwar recession, undoing a cliquish
corporate club built in the postwar period by Enrico Cuccia, the
founder of Italy's most important merchant bank, Mediobanca.
"Executives fear the loss of the network will also make
Italian companies vulnerable," the FT wrote, citing Italian
companies swooped in recent years.
"Few expect any clear industrial policy from Rome.
Generations of revolving-door governments have failed to produce
one," the FT added, while Italy's four-month-old left-right
government finds itself teetering, trying not to slip on
ultimatums lobbed by the centre-right junior partners in the
executive and the hard-line taken by leaders of Italy's left.
Italian Economy Undersecretary Pier Paolo Baretta warned
radio listeners on Tuesday that any issue of significance could
become a 'banana peel' on which the divided government could
slip and fall.
Trussardi said that the world is still nevertheless
attracted to Italian goods saying.
"Creativity is our good fortune, one of Italy's few natural
resources, which Trussardi has captured, and sought to fully
elaborate," he said.
Trussardi did not exclude an initial public offering in the
future, but said there was no compelling reason to do so for the
time being.
"We won't exclude anything off-hand, but at the moment we
don't have any difficulty financing ourselves and we are already
structured as a listed company, given that we award our managers
with incentives on the basis of shared goals and achieved
results," Trussardi said.

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