MILAN – L-Gam, a Luxembourg investment firm backed by the princely family of Liechtenstein, said on Thursday it had entered into a “strategic partnership” with Italian beauty maker Ancorotti Cosmetics Srl, Ieading.
The deal involves L-Gam acquiring a stake in the cosmetics company, but financial details were not disclosed. Achieved Thursday, L-Gam declined to provide further information on the transaction, while Ancorotti Cosmetics did not respond to requests for comment.
The operation aims to improve the beauty company’s international presence, expand its product offering as well as target possible new acquisitions to complement Ancorotti Cosmetics’ existing activities.
The company’s CEO and chairman Renato Ancorotti retains these titles along with his daughter Enrica Monica, who is vice president and co-director. They established the company together in 2009 and led it jointly as it scaled up over the last decade.
Ancorotti Cosmetics began specializing in high-tech mascara and soon expanded into other makeup and skin care products developed for international beauty brands. The company currently serves over 300 customers worldwide and registered a turnover of approx. 105 million euros in 2019, of which 85 percent was generated outside Italy. Its factory in Crema – located in the so-called Italian “Cosmetic Valley” – employs more than 300 people, 65 percent of whom are women.
Since 2018, Renato Ancorotti has also served as president of Cosmetica Italia, the Italian association of cosmetics companies. As reported, earlier this month he was additionally named “Cavaliere del Lavoro” or “Knight of Labor”, one of the highest honors awarded to the President of the Italian Republic, who is currently Sergio Mattarella.
L-Gam was founded in 2013 and is a long-term investment company with capital commitments of over one billion euros. It focuses on working with management teams in small and medium-sized enterprises throughout Europe and comes from different industries.
In 2018, L-Gam acquired a majority stake in premium luxury outerwear company Woolrich International. Before that, it invested in 2015 in Roberto Cavalli and left the fashion company in 2019.