Oerlikon acquires Riri, a specialist in metal accessories for the luxury industry
Swiss materials and surface solutions provider Oerlikon has signed a definitive agreement to acquire Riri, the fellow Swiss coated metal accessories producer for the fashion industry best known for its zips.
The transaction, for an undisclosed sum, “marks a milestone in Oerlikon’s growth strategy and diversifies Surface Solutions’ offerings and market access” the buyer said. “Riri is highly complementary to our existing luxury business and will reinforce our fashion jewellery and metallic components for leather goods.
It’s seen by the firm as the ideal next step after its acquisition of Coeurdor in 2021 “and will make us a market leader and an integrated provider with a complete offering of coated luxury metalware for high-end fashion brands,” said Michael Suess, Executive Chairman of Oerlikon.
The acquisition will drive cross-selling and strengthen the new owner’s footprint in the global luxury metalware market, which sees mid-to-high single-digit growth rates annually.
Renato Usoni, CEO of Riri, added: “Our portfolio, particularly in zippers and buttons, is an excellent fit to Oerlikon’s strengths in coated metal-based fashion components.
“Together, we are ideally positioned in Italy and France – the two major European fashion hubs – and can provide a complete offering to fashion customers.”
The idea is also that joining Oerlikon will allow Riri “to accelerate the luxury goods industry’s sustainability transition to greener technology by applying technologies such as Oerlikon’s PVD1.”
The transaction is expected to close in Q1 2023, subject to regulatory approvals and standard closing conditions. In 2022, Riri said it expects to generate sales of €170 million.
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