Cofffee Maker Illy Seeks Growth Outside of Coffee Business
Italy’s Illy Group is planning to expand its activities beyond its traditional coffee business.
The company's board of directors has approved a €38 million capital increase and is preparing to issue a €20-25 million bond at the beginning of 2017.
Proceeds will be mainly allocated for the growth of companies that are already part of the group - Damman Frères (tea), Agrimontana (jams), Domori (chocolate) and Mastrojanni (wine).
After the sale of the Grom ice cream brand to Unilever, Illy Group is launching a new phase of expansion with the aim of "accelerating growth in the subsidiaries and expanding its presence in foreign markets", said CEO Federico Marescotti.
According to Trieste-based daily Il Piccolo, this could mean the entry of Illy Group into new business segments such as baked goods and high class pastry, possibly in France and Switzerland,
© 2016 European Supermarket Magazine – your source for the latest retail news. Article by Branislav Pekic. To subscribe to ESM: The European Supermarket Magazine, click here.