There’s about to be a major transaction in the trims world.
Switzerland’s Oerlikon Group, an expert in surface engineering, polymer processing and additive manufacturing, has signed a definitive agreement to acquire Riri Group, one of the top makers of coated metal accessories including zippers and trims for the luxury fashion industry.
Riri Group is also based in Switzerland and is a key supplier for French and Italian fashion labels in particular. It offers five brands: Riri, a maker of metal and plastic zippers; Cobrax, a well-known producer of press buttons, jeans buttons and rivets; Cobrax Metal Hub and DMC, specialized in the design, development and production of metal components for leather goods; and Amom, a brand focused on the accessories sector for footwear and clothing and on fashion jewels.
The acquisition will help Oerlikon expand its Surface Solutions division, with Polymer Processing Solutions being the other.
The financial terms of the deal were not revealed but the transaction is expected to close in the first quarter 2023, subject to regulatory approvals and standard closing conditions.
“Riri is highly complementary to our existing luxury business and will reinforce our fashion jewelry and metallic components for leather goods. It is the ideal next step after our acquisition of [metal components maker] 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, Oerlikon, executive chairman.
He added that the company’s footprint in global luxury metalware “sees mid- to-high single-digit growth rates annually.”
“Our portfolio, particularly in zippers and buttons, is an excellent fit to Oerlikon’s strengths in coated metal-based fashion components,” said Renato Usoni, CEO of Riri, which has more than 1,100 employees and expects to report sales of about 170 million euros ($180 million) in 2022. It has eight manufacturing plants in Switzerland and Italy.
Oerlikon Group has a global footprint of more than 12,000 employees at 202 locations in 37 countries and generated sales of CHF 2.65 billion ($2.85 billion) in 2021. It is currently stressing more sustainable solutions such as PVD, aka physical vapor deposition, a thin-film coating that is more environmentally friendly than traditional processes such as chrome plating.