Italian retail group Coin, the owner of over 80 Coin multibrand department stores in Italy and abroad and about 450 OVS Industry departement stores mostly selling private labels, has acquired Upim, the Italian retail chain, from La Rinascente. Upim owns 135 direct stores in Italy, 15 kidswear stores under the BlueKids banner, and a network of over 200 franchise stores.

The aim is to increase the distribution of Coin Group stores by adding more exclusive locations to its already existing network, acquire a leading position in the apparel retail segment in Italy, and increase the efficiency of the group by optimizing its own resources and competencies. Subsequently, most Upim stores will be converted into OVS Industry stores. A similar operation was carried out about a year ago when Coin Group bought 60 Melablu stores.

The new group will account for about 800 stores and an annual turnover of €1.7 billion. Upim’s yearly turnover is €430 million.

—Maria Cristina Pavarini