Italian Luxury Industries acquires Venini

Italian Luxury Industries, the Italian group that produces jewelry, has acquired Venini, which produces handcrafted glass objects, the Italian publication Il Sole 24 Ore reported.

Giorgio Rizzo, general manager of Italian Luxury Industries, says that 70% of Venini’s turnover, which amounted to 11million euros (U.S.$9.9 million) last year, is derived from glassware while lighting equipment accounts for the rest, to the publication.

Mr Rizzo says that Venini will widen its product range to include jewelry and perfume, the publication reported. The company is to open a new shop in Rome by 2003. Italian Luxury Industries reported a turnover of 20 million euros (U.S.$18 million) last year and forecasts that this figure will rise to 40 million euros (U.S.$36 million) in 2002.