We receive and publish by the law firm Bonelli Erede Lombardi Pappalardo in the name and on behalf of Bialetti Industrie Spa.
We are writing this in the name and on behalf of Bialetti Industries Spa (“Bialetti”) and we refer to the articles published on FIRST online dated November 26, 2024 and January 3, 2025, signed by paola guidi, respectively titled “Bialetti, the moka on the brink of the abyss: it will go into liquidation if an offer does not arrive by November 28 and “Bialetti, the via crucis continues: loan repayment postponed to April but business continuity is at serious risk” (the “Articles”). As we will see below, both Articles contain numerous (and inexcusable) inaccuracies and are seriously damaging to the image and reputation of Bialetti.
First of all, at the time of publication of the first of the Articles (and, more precisely, on 12 November 2024, therefore two weeks earlier), the modification of some terms and conditions of the bond loans mentioned in the Articles had already been resolved by the board of directors of Bialetti, and approved by the meetings of the bondholders: in particular, the maturity date had already been extended, from 28 November 2024 to 30 April 2025.
Nevertheless, the article dated November 26, 2024 states that Bialetti would be imminently placed “into liquidation” “if an offer does not arrive by November 28,” as well as, in the title and subtitle of the article, that “the famous moka company is one step away from bankruptcy… Thursday, November 28 is just around the corner,” again with reference to the obligation to repay the bond loans and an incorrect repayment date.
These are errors resulting from serious misinformation, considering that it would have been sufficient (and necessary) to check the Bialetti website, in the “Investor Relations” section, where you can find, among other things, the minutes of the Bialetti board of directors and the bondholders' meetings of 12 November 2024 cited above, as well as the additional periodic information also of 12 November 2024 (which also gives an account of the extension of the maturity of the bond loans to 30 April 2025). Moreover, and in any case, the liquidation or, even worse, the “bankruptcy” of Bialetti, are not and would not have been in any way the inevitable consequence of the possible maturity of the bond loans in question, as the article states.
Even when (with unjustified delay) Dr. Guidi acknowledges the extension (in the subsequent article of January 3, 2025), she again makes a mistake, where she informs that "the deadline - last November 28 - by which the company had to repay the loans that had allowed it to overcome the darkest period, 2018-2021, has once again been postponed to April 30", given that the maturity date of Bialetti's bond loans (originally set at November 28, 2024) had never been "postponed" before the change decided on November 12, 2024.
The whole presentation of the article therefore has a deceptive and damaging effect.
Furthermore, other statements contained in the article dated January 3, 2025 are also untrue, and in any case inaccurate and/or misleading. In particular, it states that:
- “from 2015 to today, the total transfer of the production of semi-finished products and some types of coffee makers to Romania has been completed. Which Made in Italy? What comes from Romania creates significant problems and in 2023, imports from China resume after the most wrong decision, the closure of the third-party plant in Ornavasso (now Mokavit) which manufactured approximately 2-3 million excellent quality moka pots” and “the importation of colored and personalized coffee makers also begins, such as those signed Dolce & Gabbana, which, being sold at profitable prices, should be “protected” from clones. The opposite happens, these are also badly relocated. Bialetti Made in Italy no longer exists”. Moreover: the coffee maker turnover data do not show any slowdown attributable to thematic quality claims, so much so that there was actually an increase in turnover, from 59 million euros in 2015 to 84 million euros in 2023. Furthermore, the relationship with the subcontractor cited in the article ended as the activity carried out by the same was "internalized" by Bialetti in the Coccaglio plant (therefore in Italy), following important investments, including the purchase of an automated line which, in addition to increasing the production capacity of the Bialetti Group, also allowed the production process to be made more efficient;
- "the unreachable president of the company, Francesco Franzoni, stated that the sales of the D&G collections would support the income with positive results. The photos in our possession, provided by customers, say something completely different, in fact the high-end collections – made in Romania – were found to be defective and were withdrawn in large quantities. They are the moka pots with cracks and holes on the bottom. Other documentation concerns the traditional coffee makers, with holes and fouls of various kinds'. Moreover: the collaboration between Bialetti and Dolce & Gabbana concerns “Made in Italy” coffee makers, as reported on all packaging and on the product. Furthermore, no product recalls have been carried out for the references in question, nor have significant problems been reported by customers through the assistance center and/or customer service; on the contrary, the growth in turnover is mainly attributable to the increased sales of the Moka & Coffeemaker segment (also due to the numerous partnerships started, including the one with D&G), as highlighted in the official press release of 12 November 2024 already cited above;
- the financial debt discussed in the Articles is attributable to Bialetti but, in truth, it is that of the group (as shown in the monthly information to the market pursuant to art. 114, co. 5, TUF of 28 November 2024, always available on the Bialetti website).
We add that the President of Bialetti is Francesco Ranzoni (not Franzoni) and that Bialetti was purchased by Rondine Italia Spa (attributable to the Ranzoni family) in 1993 and not in 1983, as also erroneously indicated in the article of January 3, 2025.
Finally, we are surprised that both Articles mention Mr. Gianni Vittoni and the company attributable to him, with whom Bialetti has cut off all relations for three years now and there is no dialogue, much less for the possible acquisition of Bialetti, so that any "gossip from the Piedmontese housewares area" reported by Dr. Guidi is also denied here.
I am very pleased that, finally, the company wanted to provide information and statements regarding inaccuracies contained in my two articles. Inaccuracies that, probably, I would have avoided if I could have spoken with representatives or spokespeople of the company. Unfortunately, however, my requests for dialogue and comparison on news in my possession have never had any response.
I confirm that tAmong the sources I used to write the articles are both the data from the 2024 half-year (with a negative net result of 3,8 million euros, a larger loss than in the first half of 2023), and what was stated by the auditing firm Kpmg on the same half-year consolidated financial statements in the audit report, namely – verbatim – “the impossibility of expressing conclusions due to significant uncertainties that may raise significant doubts about the company’s continuity”. As for the defects of the moka pots, I am able to provide numerous photos.
Overall, no one denies that investments have been made to streamline the production system, but the question that continues to be asked is: what kind of results have these investments produced and/or will produce, and what situation does Bialetti really find itself in today?
What is important to underline, in fact, is that Bialetti can benefit by agreeing to dialogue with the press which is certainly available to give space to arguments that can contribute to clarifying doubts and inaccuracies regarding an Italian brand of such great value, precisely with the aim of preserving its value and Italianness. Sincerely. (pg)