Today (December 24), it was reported that the Italian home fragrance company Culti Milano SpA (hereinafter referred to as “Culti Milano”) has sold a 25.11% stake in its luxury skincare brand Bakel to MGB for approximately $1.24 million. MGB is affiliated with Raffaella Gregoris, the founder of the Bakel brand. Following the transaction, Culti Milano will continue to support Bakel’s growth as a financial partner.
Raffaella Gregoris founded Bakel in 2009 in Udine, Italy. The brand is committed to producing skincare products using natural active ingredients. In 2018, the brand’s sales exceeded €2.4 million ($2.5 million), with an operating profit margin of 13%. By the end of December 2018, Bakel had a net profit of €500,000 ($519,750).
In 2019, Culti Milano signed an agreement to acquire a 50.01% stake in the luxury skincare company Bakel Srl. The transaction was completed in mid-July 2019, with a purchase price of €2.5 million ($2.6 million).
