SACE guaranteed two lines of credit for a total value of 8 million euros to support theexpansion in the Chinese market of Morellato, the Paduan brand symbol of accessible Made in Italy luxury active in the jewelery and watchmaking sectors. The loans, disbursed in equal parts by Intesa Sanpaolo and UniCredit, are intended to support the costs of opening of 600 new stores in China and Hong Kong, the need for working capital to meet the increase in supplies in Asia and the costs for promotional and advertising activities.
Present in China since 2005, Morellato is the most important world player with totally Italian capital in the jewelery and watchmaking sectors and is a leader in the watch strap sector. He sells his products through commercial subsidiaries and a network of independent distributors in 70 foreign countries, where it is present with its own brands (Morellato, Sector, Philip Watch, Pianegonda, Chronostar and Bluespirit) and under license (including Just Cavalli, John Galliano, Maserati and Miss Sixty). The operation represents further confirmation of SACE's commitment alongside the large banking groups to support their growth in key foreign markets for excellent products.
