Oct. 29 – Morellato signs a new agreement with SACE to enter the Chinese market. The Italian group that deals with credit export, credit insurance, investment protection abroad, financial guarantees, sureties and guaranteed factoring opened two credit lines worth a total of €8 million to support the expansion in the Asian country of the Padua jewelry and watches brand. The loans were granted by Intesa Sanpaolo and UniCredit and are expected to bear the costs of opening 600 new stores in China and Hong Kong, the working capital needed for increased supplies in Asia and the costs for promotional activities and advertising. “China represents a big opportunity for Italian jewelry – declares Massimo Carraro, CEO for Morellato – and we are undertaking an ambitious growth plan in the country. We found an ideal partner in SACE to support us in our internationalization strategies.”
