Friulia enters the capital of Bakel
Friuli Venezia Giulia's regional finance company has subscribed a capital increase in the cosmetics company, acquiring a 14 per cent stake
Friulia, the Friuli Venezia Giulia regional finance company, has subscribed a capital increase in Bakel, acquiring a 14% stake. The transaction is aimed at strengthening the company's capital structure and supporting the industrial growth and international expansion plan of the innovative Udine-based SME active in the skincare segment.
The transaction marks the completion of a corporate reorganisation process started in 2024, which brought the company back under the full leadership of founder Raffaella Gregoris. Shortly before the capital increase subscribed by Friulia, Culti Milano had in fact sold its remaining 22.13% stake to Mgb (a company controlled by Raffella Gregoris). This sale had preceded by about a year Culti's decision to sell its controlling stake in Bakel to Mgb, in a gradual process of exit from the capital.
Bakel recorded revenue growth of 15.1% year-on-year, with an Ebitda margin of 14.4%. Further revenue growth of 22% is expected in 2025, driven in particular by the offline pharmacy channel (+42% vs 2024), international expansion (+18% vs 2024) and e-commerce growth (+40% vs 2024), confirming the growing relevance of the digital channel in the distribution of premium niche cosmetics. The main target markets include Italy, Taiwan, China and Western Europe, recently joined by the Middle East and Eastern Europe.
"The transaction concluded with Friulia represents the completion of a path that brings Bakel back to the core of its original DNA," says Gregoris. "A reality that was born from scientific innovation and that finds in research and development the engine of growth. Overcoming the constraints of the previous corporate structure was essential to compete in a sector that continues to grow faster than traditional cosmetics'.
Gregoris recalls how in 2024 the hypothesis of a stock market listing was also evaluated: 'The regulatory and capital management complexity in Italy and the uncertainty of the markets led us to favour a different industrial and financial solution. Friulia's entry consolidates Bakel as an innovative SME with an ownership that is now entirely Friulian, consistent with the vision outlined twelve months ago'.
