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Danish pair may go together

Flos B&B Italia Group to sell brands one by one

At the recent 11th Pambianco Design Summit in Milan, Piero Gandini, executive chairman of Flos B&B Italia Group, confirmed that the luxury design conglomerate plans to sell its brands individually, but hinted that the two Danish labels in its portfolio, Louis Poulsen and Audo Copenhagen, may be sold as a pair.

© Flos B&B Italia Group
Piero Gandini, executive chairman of Flos B&B Italia Group.

Gandini emphasised that the group is following a strategy of "asset-by-asset" divestment, stabilising each business before entertaining offers. 'Some investors might want to buy two businesses, because there are two Danish brands,' Gandini said, directly naming the Copenhagen-based Louis Poulsen and Audo Copenhagen.

This marks a shift from previous consolidation efforts under Design Holding, formed by Investindustrial and Carlyle Group in 2018, which brought together powerhouse brands such as B&B Italia, Flos, Maxalto, Arclinea, Azucena, and the two Danish firms.

Context and Implications:

  • Heritage preservation: Gandini emphasised cultural responsibility and respect for each brand's identity and legacy. He is deeply rooted in the group's history, being the son of Sergio Gandini, who led Flos from the early 1960s.
  • Return with conditions: Gandini rejoined the group after initially stepping away in 2019 due to disagreements with the private equity exit-focused strategy.
  • Open to offers: The group is open to buyer interest. In early 2025, Flos B&B Italia received an informal bid from Haworth, the U.S.-based company that owns Cassina, Poltrona Frau, and others. That offer, reportedly between €800 million and €1 billion, was rejected as too low.
  • Recent performance: The group's revenue fell to €768 million in 2024, down from €867.6 million in 2022, but it remains on a long-term path toward a €1 billion goal.
    Gandini made it clear that while funds may value the "luxury" label, he views the sector more through the lens of design integrity and legacy rather than pure brand prestige.

Bottom line:
Flos B&B Italia is officially in divestment mode, with Danish icons Louis Poulsen and Audo Copenhagen likely to be marketed as a package. The move could significantly reshape the ownership of two of Denmark's most recognised design houses, and will be watched closely by strategic buyers and private equity players alike.

Source: www.wwd.com

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