Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Piquadro is an Italian leather goods company, specializing in business and travel items including suitcases and backpacks, and related accessories. The company, which was founded in 1987, is active in Italy and internationally. Marco Palmieri, founder and CEO, claims that total cost of manufacturing in China is rising, and stated that there are risks involved in future investments in the country. Therefore, he believes that backshoring at least part of the production to Italy is a good choice for the long term goals of the company. Moreover, customers tastes and preferences change fast, and customized productions are not compatible with offshoring and production undertaken far away from the company's customer base. According to the news published by internationalleathermakerItaly in January, 2017, Piquadro started reshoring part of its production three years ago, and aims to respond to customers’ requirements by providing products that are genuinely "Made in Italy" as opposed to a “Made in China”. The design office has always been located in Gaggio Montano, Italy, but some of Piquadro’s production has been outsourced. According to Palmieri, the company’s costs have “skyrocketed in Asia, and the logistics have always been a problem”, said from Marco Palmieri, General Manager of the brand. The recent issues encountered by some large container shipment companies have encouraged the Piquadro to speed up the reshoring. “And there’s also this: increasing the number of purses we make in Italy is the best way to discover ourselves and where it all comes from: our creativity, originality, and our ability to work in teams”, he added. In November, 2016, Piquadro announced it has acquired 80% of The bridge (Il Ponte Pelletteria) for €3.17 million and plans to have complete control of the company in future. The agreement is said to include purchase options on the remaining 20% of the company between 2021 and 2023. One of the goals of this operation is that Piquadro may exercise an option to buy also the remaining 20 percent of shares, is carrying out a sort of reshoring. Relocation productions back to Italy need rely on a solid presence like the one The bridge is able to provide.
Eurofound (2014), Piquadro, Reshoring in Italy, factsheet number 207, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/207.
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