FDI MONITOR INVEST IN

KEY TRENDS IN 2013

September 2014

2 INDEX

EXECUTIVE SUMMARY ...... 4

FOREIGN-INVESTED ENTERPRISES IN LOMBARDY ...... 6

FDI PROJECTS 2003-2012: AN INTERNATIONAL ASSESSMENT ...... 12

FDI PROJECTS IN LOMBARDY - 2013 ...... 21

3 EXECUTIVE SUMMARY

Foreign-invested enterprises in Lombardy

Lombardy hosts the headquarters of 4,634 foreign-invested firms, which represent 46,9% of all Italian companies with foreign holdings, with more than 400,000 employees and a turnover of 223.7 billion Euro. 3,263 foreign-invested enterprises are headquartered in the province of , accounting for more than 275,000 employees and a turnover of 173.6 billion Euro. The accounts for nearly one third of all foreign-invested firms in Italy, 29.8% of their employees and 34% of their turnover. Milan is by far the privileged location of foreign multinational enterprises in Italy in the wholesale sector and in business services. 4 Lombardy hosts the headquarters of more than 50% of all foreign-invested Italian firms in wholesale, ICT services and other professional services, as well in the publishing and printing industry. The presence of foreign MNEs in the province of Milan still retains a not negligible relief even in the manufacturing industries, and in particular in medium-high and high technology industries. Milan is home to the headquarters of 39% of North American companies established in Italy, compared to an average share of 33%; an incidence slightly higher than the average is recorded also for Asian investors and the Pacific.

FDI projects 2003-2013: an international assessment

In 2013 a total of 13,957 new FDI projects were recorded worldwide (-2.9% compared with 2012 and -18.9% compared with the 17,209 projects in 2008); they created nearly 1.9 million jobs, which is 136 average jobs per project, and represented a total capital investment of Euro 479 billion, with an average investment of Euro 34 million per project. The long-term trend of FDI projects closely follows the trend of the world economy: a strong growth until 2008, a sharp decline in 2009 at the peak of the global financial and economic crisis, a slow recovery in 2010 and 2011 and a new decline in 2012 which has been confirmed in 2013 with a further reduction in the number of new projects. However, in 2013 the long- period downward trend for the average size of new investment projects interrupted, both in terms of number of jobs created and capital investment. In this context, Italy’s position has been deteriorating significantly during the crisis, as a consequence either of the deep recession and financial constraints that struck the Italian economy, and of the well known structural problems which affect the attractiveness and competitiveness of the country. In 2013 Italy attracted only 113 FDI projects, the lowest level recorded since 2003, corresponding to a 0.75% share of the world total, a figure well below the weight of the Italian economy in terms of GDP and exports as well as FDI flows and stocks. Even Lombardy and Milan, which remain by far the preferred entry 5 point for multinational companies interested in entering Italy, suffered in the last years the loss of attractiveness of the country and the fall in the internal market consumption, which caused a sharp reduction in FDI projects concerning wholesale and retail activity. In the last period, a reduction of FDI projects aimed at start-up or development of industrial and techno¬logical activities, such as R&D, design, manufacturing, etc., also emerged, while the fall in the number of FDI projects was much lower in service businesses. This notwithstanding, Lombardy still remains close to the group of the ten most attractive regions of Western Europe, while Milan ranks among the Top 10 Western European cities by number of inward FDI projects since 2003, being is by far the preferred entry point for multinational companies interested in entering Italy.

6 FOREIGN-INVESTED ENTERPRISES IN LOMBARDY

Detailed information of foreign-invested enterprises headquartered in Lombardy and Milan are provided by a recent update of the Reprint database, developed at the Politecnico di Milano. The database censuses both outward and inward foreign direct investments of Italian firms in the industrial sectors (mining and quarrying, manufacturing industries, energy, construction), as well as in wholesale activities and business services (logistic and transport, ICT services, other business services). Lombardy accounts for 16.4% of the total number of Italian residents, 18.4% of all Italian active companies and 22.7% of their employees, but its weight on the national total is significantly higher when considering internationalization indices (Figure 1). Lombardy accounts for 27.7% of national exports and 30.9% of total imports, while foreign subsidiaries of Lombardy-based firms represent 30.8% of all foreign holdings of Italian businesses and 34.5% 7 of their employees. Finally, 46.9% of all Italian companies with foreign holdings in Lombardy; these firms account for 43.9% of the total number of employees of all Italian foreign-invested firms (Figure 1).

Figure 1 Lombardy: various indicators of demography, economic activity and internationalization, 2013 Source: based on Istat and Reprint database, Politecnico di Milano.

resident population 16,3%

number of active enterprises 18,4% number of employees of 22,7% active enterprises

exports 27,7%

imports 30,9%

number of foreign subsidiaries of resident firms 30,8%

employees of foreign subsidiaries 34,5% of resident firms

number of foreign-invested firms 46,9%

employees of foreign-invested firms 43,9%

0% 10% 20% 30% 40% 50%

In particular, according to the Reprint database, 4,634 firms participated by foreign MNEs were active in Lombardy in 2013 in the industries covered by the database; these firms account more than 400,000 employees and a 223.7 billion Euro turnover in 2012 (Figure 2). 3,263 foreign-invested enterprises are headquartered in the province of Milan, accounting for more than 275,000 employees and a turnover of 173.6 billion Euro. The province 8 of Milan accounts for nearly one third of all foreign-invested firms in Italy, 29.8% of their employees and 34% of their turnover.

Figure 2 Foreign-invested firms in Lombardy and in the province of Milan, by industry, 2013 Source: Reprint database, Politecnico di Milano.

Number of foreign - Number of employees participated firms of foreign-participated firms Milan Lombardy Milan Lombardy

Mining and quarrying 10 12 48 258 Manufacturing industry 508 1.057 97.470 188.714 Energy 222 269 4.688 5.127 Construction 73 97 4.030 4.572 Wholesale 1.277 1.790 57.604 71.590 Logistics and transport 146 221 18.820 24.504 ICT services 272 303 47.751 50.153 Other professional services 755 885 43.944 59.126 Total 3.263 4.634 274.355 404.044

The sectorial breakdown of foreign-participated firms headquartered in Milan spread across all industries covered by the database. In particular, Milan is by far the privileged location of foreign multinational enterprises in Italy in the wholesale sector and in business services (Figure 3). However, the presence of foreign MNEs in the province of Milan still retains a not negligible relief even in the manufacturing industries, and in particular in medium-high and high technology industries, such as pharmaceuticals, chemical products, electronics and instrumentation, as well as in the publishing and printing industry.

With regard to the geographical origin of foreign investments there are no 9 Figure 3 Foreign-invested firms in the province of Milan and in Lombardy, by industry: % on Italian total, 2013 Source: Reprint database, Politecnico di Milano.

mining and quarrying

manufacturing industry

food and beverages

textiles, apparel, leather and shoes

paper, paper product, pubblishing and printing

pharmaceuticals and chemical products

rubber and plastic products

metals and mechanical products

elettrical, electronic and optical products

other manufacturing industries

energy

construction

wholesale

logistics and transport

ICT services

other professional services

total

% % % % % % % 0% 10 20 30 40 50 60 70

Milan Lombardy

With regard to the geographical origin of foreign investments there are no substantial differences compared to the national average, with a strong predominance of investors originating form advanced countries, in particular Western Europe and North America (Figure 4). However, Milan is home to the headquarters of 39% of North American companies established in Italy 10 (compared to an average share of 33%); an incidence slightly higher than Figure 4 Foreign-invested firms in Lombardy and in the province of Milan, by geographic origin of the foreign investor, 2013 Source: Reprint database, Politecnico di Milano.

Number of foreign - Number of employees participated firms of foreign-participated firms Milan Lombardy Milan Lombardy

European Union (EU-27) 1.744 2.521 125.227 193.751 Other Western European countries 273 411 28.686 41.078 Other European countries 19 53 1.011 4.633 North America 854 1.126 95.278 131.034 Latin America 13 19 1.471 4.342 Africa 8 12 964 1.287 Asia 333 470 20.664 26.776 Oceania 19 22 1.054 1.143 Total 3.263 4.634 274.355 404.044

Figure 5 Foreign-invested firms in the province of Milan and in Lombardy, by geographic origin of the foreign investor: % on Italian total, 2013 Source: Reprint database, Politecnico di Milano.

European Union (EU-27)

other Western European countries

other European countries

North America

Latin America

Africa

Asia

Oceania

total

% % % % % % 0% 10 20 30 40 50 60

Milan Lombardy 11 FDI PROJECTS 2003-2013: AN INTERNATIONAL ASSESSMENT

According to the fDi Markets database, developed by the fDi Intelligence from The Financial Times Ltd which tracks cross-border greenfield foreign direct investment (FDI) projects covering all sectors and countries, between 2003 and 2013 a total of 148,138 FDI projects have been recorded worldwide. These projects represented a total capital investment of Euro 6,414 billion and created 26.4 million new jobs. The long-term trend closely follows the trend of the world economy (Figure 6): a strong growth until 2008, a sharp decline in 2009 at the peak of the global financial and economic crisis, a slow recovery in 2010 and 2011 and a new decline in 2012.

12 The negative trend recorded in 2012 was confirmed in 2013, with a further reduction in the number of new projects. In 2013 a total of 13,957 new FDI projects were recorded worldwide (-2.9% compared with 2012 and -18.9% compared with the 17,209 projects in 2008); they created nearly 1.9 million jobs, which is 136 average jobs per project, and represented a total capital investment of Euro 479 billion, with an average investment of Euro 34 million per project.

Figure 6 Number of FDI projects by year, 2003 – 2013 Source: fDi Intelligence from The Financial Times Ltd.

20.000

18.000

16.000

14.000

12.000

10.000

8.000

6.000

4.000

2.000 9.489 0 10.413 10.814 12.823 12.975 17.209 14.757 15.161 16.162 14.369 13.957

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

However, in 2013 the long-period downward trend for the average size of new investment projects interrupted, both in terms of number of jobs created and capital investment. In 2013 each investment project created an average of 136 new jobs, a value slightly higher than the average of 131 new jobs in 2012, but far from the levels of the 2003-2008 period, often more than a total of 200 new jobs per project (Figure 7). 13 Figure 7 Average size of FDI projects, 2003-2013 (jobs per project) Source: fDi Intelligence from The Financial Times Ltd.

250

200

150

100

50 221 191 193 207 204 211 171 162 154 131 136 0

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Figure 8 Average size of FDI projects, 2003-2013 (capital investment per project, Euro millions) Source: fDi Intelligence from The Financial Times Ltd.

60

50

40

30

20

10 46 46 30 44 45 39 34 38 54 56 47

14 0

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 A similar trend is observed for the average capital investment for project, down from Euro 56 million in 2008 to Euro 30 million in 2012, which climbed albeit slightly to Euro 34 million per project in 2013 (Figure 8).

As far as the destinations of FDI projects is concerned, Asia & Pacific still remain the top destination areas, but for the first time in 2013 its share has fallen below 30% of the world total. In 2012 and in 2013 there has been an upturn in relative terms of Western Europe, whose share returned over 25%, threatening the leadership of Asia and Pacific. In particular, in 2013 Western Europe attracted 3,556 FDI projects, which represented 25.5% of all new cross-border investment projects in the word. Western Europe’s share is still lower than the 27.8% peak reached in 2007, but resumed in relation to the 23.7% minimum reached in 2011. Central and Eastern Europe confirms its long-term decline, with a share of the world total has almost halved from 21.2% in 2005 to 11.9% in 2013. On the contrary, the attractiveness of North America is both Central and South America continues increasing, while the share of cross-border FDI projects in the Middle East and Africa remains stable, at around 5% of the world total for both areas (Figure 9).

Figure 9 FDI projects by destination, 2003-2013 Source: fDi Intelligence from The Financial Times Ltd.

40%

35%

30%

25%

20%

15%

10%

5%

0% 6 0 2003 2004 2005 200 2007 2008 2009 201 2011 2012 2013

Western Europe Rest of Europe North America

Latin America and the Caribbean Middle East Asia-Pacific

Africa 15 In this context, Italy did not contribute to the upturn of Western Europe; on the contrary, its position has been deteriorating significantly during the crisis, as a consequence either of the deep recession and financial constraints that struck the Italian economy, and of the well known structural problems which affect the attractiveness and competitiveness of the country. In 2013 Italy attracted only 113 FDI projects, the lowest level recorded since 2003 (Figure 6), corresponding to a 0.75% share of the world total, a figure well below the weight of the Italian economy in terms of GDP and exports as well as FDI flows and stocks

Figure 10 FDI projects in Western Europe by destination country, 2003 – 2013 Source: fDi Intelligence from The Financial Times Ltd.

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 TOTAL

United Kingdom 434 568 665 728 729 964 1.121 932 1.005 924 914 8,984 Germany 278 278 288 380 467 737 713 775 856 859 793 6,424 France 158 239 506 599 602 716 426 385 332 363 412 4,738 Spain 227 270 179 320 470 594 408 416 359 388 362 3,993 Ireland 128 135 190 144 118 184 176 189 230 174 174 1,842 Italy 113 134 142 162 202 253 179 202 146 120 113 1,766 Netherlands 105 105 120 147 143 179 167 161 202 163 157 1,649 Belgium 68 118 163 136 214 185 118 150 116 87 119 1,474 Switzerland 62 76 80 108 173 186 142 123 130 131 94 1,305 Austria 79 100 106 91 111 114 74 87 107 77 64 1,010 Sweden 93 125 106 127 87 91 100 70 79 62 52 992 Denmark 72 90 78 71 69 71 42 41 48 42 41 665 Portugal 59 83 34 61 81 82 58 57 38 26 45 624 Finland 31 30 37 46 41 41 25 45 83 110 113 602 Other countries 87 100 57 76 98 129 97 101 95 75 103 1,018 Total 1,994 2,451 2,751 3,196 3,605 4,526 3,846 3,734 3,826 3,601 3,556 37,086

The assessment of the attractiveness of Lombardy and Milan towards FDI projects can not escape the comparison with the other great cities of Western Europe. Notwithstanding the poor performance of Italy, Lombardy remained close to the group of the ten most attractive regions of Western Europe (Figure 16 11) and Milan still ranks among the Top 10 Western European cities by number of inward FDI projects since 2003, preceded only by London, Paris, Madrid, Dublin, Barcelona, Münich, Frankfurt, Amsterdam and Berlin, but ahead Vienna, Düsseldorf, Stockholm, Brussels, Copenhagen, Zürich and Hamburg (Figure 12).

Figure 11 FDI projects in Western Europe by destination region, 2003 – 2013 Source: fDi Intelligence from The Financial Times Ltd.

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 TOTAL

South East (UK) 193 242 327 359 367 449 454 417 478 462 441 4,189 Île-de-France 53 85 193 221 215 259 152 166 151 145 177 1,817 Nordrhein-Westfalen 37 34 50 58 75 96 152 173 214 180 174 1,243 Baden-Württemberg 19 17 19 31 30 137 132 156 162 228 183 1,114 Cataluña 66 74 53 83 103 115 100 88 99 143 109 1,033 Comunidad de Madrid 51 60 48 83 131 143 90 112 83 107 71 979 West-Nederland 51 43 71 81 93 102 93 103 112 98 87 934 Bayern 44 56 54 81 96 129 88 86 92 87 80 893 Scotland 33 73 41 78 53 86 120 101 87 92 109 873 Hessen 16 14 51 55 67 101 100 110 119 94 89 816 Vlaams Gewest 24 79 56 58 100 80 43 94 45 29 67 675 Lombardia 49 45 33 62 77 83 55 71 46 42 47 610 North West (UK) 28 39 36 40 41 74 85 75 65 61 58 602 Östösterreich 33 46 50 54 71 66 50 47 50 42 30 539 Berlin 27 19 24 36 32 56 57 43 65 78 67 504 Centre-Est (FR) 15 24 62 61 75 79 51 44 24 31 31 497 West Midlands (UK) 23 31 44 33 24 42 65 43 61 60 54 480 Bassin Parisien 11 20 62 72 70 79 31 27 18 29 36 455 Etela-Suomen laan 16 12 20 25 27 19 18 29 61 96 96 419 Reg. Bruxelles-Cap. 25 21 37 38 51 52 31 29 52 32 33 401 Est (FR) 14 36 59 63 45 64 21 17 26 21 26 392

It can not be avoided observing that since 2011 the number of FDI projects in Milan fell signi¬ficantly below the levels reached in the previous years (2003- 2010), when Milan ranked 5th among the top western European cities, with a flattering 4th rank achieved in 2007 and 2008, behind only London, Paris and Madrid. Unfortunately, between 2011 and 2013 Milan recorded an average 17 of 34 FDI projects per year, compared with a 58 projects per year average between 2006 and 2010 and a peak of 70 FDI projects in 2008.

Figure 12 FDI projects in Western Europe by destination city, 2003 – 2013 Source: fDi Intelligence from The Financial Times Ltd.

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 TOTAL

London 141 168 228 267 271 336 303 315 365 359 334 3,087 Paris 50 77 127 168 159 211 132 153 134 124 135 1,470 Madrid 46 53 44 72 113 128 71 86 73 87 62 835 Dublin 45 49 73 58 48 66 69 85 96 86 99 774 Barcelona 35 33 28 58 59 70 61 50 56 89 65 604 Frankfurt am Main 13 9 37 43 54 62 72 75 80 72 61 578 Münich 28 29 32 47 58 70 56 65 53 61 54 553 Amsterdam 23 24 40 46 59 58 40 62 56 56 49 513 Berlin 27 19 24 36 32 56 57 43 65 78 66 503 Milan 39 39 31 52 62 70 46 58 33 35 34 499 Vienna 24 25 40 42 56 55 43 35 44 38 28 430 Düsseldorf 10 8 18 17 21 28 45 55 80 64 70 416 Stockholm 25 37 43 49 36 33 38 32 47 25 30 395 Brussels 22 18 36 36 49 46 31 28 48 30 32 376 Copenhagen 47 43 43 35 35 36 21 26 23 19 22 350 Zürich 10 14 28 30 34 41 29 38 40 40 31 335 Hamburg 27 23 19 22 26 35 30 38 34 28 32 314 Helsinki 10 5 13 16 13 13 11 20 27 63 59 250 Geneva 12 14 19 19 25 30 33 16 23 22 20 233 Manchester 11 14 13 22 16 27 34 27 23 24 22 233 Köln 9 8 8 8 17 14 30 35 39 26 21 215 Rome 14 25 21 14 16 33 25 18 16 12 19 213 Antwerp 7 19 13 24 39 25 11 33 10 14 17 212 Lyon 8 7 23 22 35 38 23 21 8 15 6 206 Lisbon 12 20 8 19 25 23 19 16 11 14 28 195 Belfast 6 14 16 18 21 20 21 19 19 15 21 190 Stuttgart 4 7 5 8 7 25 26 15 26 24 25 172 Edinburgh 1 7 6 10 12 13 26 18 33 20 25 171 Athens 18 16 14 14 18 29 17 13 13 11 4 167 Glasgow 9 10 8 17 17 12 18 18 16 12 28 165

18 Ranking (Milan) 6° 6° 12° 6° 4° 4° 9° 8° 17° 14° 12° 10° The breakdown of FDI projects in Lombardy by industry activity highlights that since 2003 more than half of new cross-border investment projects concerned wholesale, retail, marketing and sales support activities (Figure 13). Lombardy and Milan are thus highly attractive to market-seeking FDI either for the market potential of the metropolitan area and region in which it is located, or as a point of entry by multinationals to access the entire market Italian. In the last two years, however, there has been a marked reduction in the number of retail FDI projects, to be related to the fall in consumption in the domestic market.

Figure 13 FDI projects in Lombardy, by industry activity and source area, 2003-2013 Source: fDi Intelligence from The Financial Times Ltd.

Industry activity

Other activities

15% Manufacturing Sales Marketing 6% 34% & Support Logistic, Distribution 5% & Trasportation

20% 20% Business Services

Retail

Industry sector

Textiles & consumer products Other industry sectors 20% 28%

18% Software, ICT services, Chemicals & pharmaceuticals 5% communication 6% Transportation, warehousing 11% 12% & storage

Financial services Business services 19 At the same time, a shortage of FDI projects aimed at start-up or development of industrial and technological activities, such as research and development, design, manufacturing, etc., clearly emerges. In the last years the number of such projects has been very low, while the fall in the number of FDI projects was much lower in service businesses.

20 FDI PROJECTS IN LOMBARDY – 2013

November 2013

ESV Digital (Paris, France) is investing in the city of Milan, Italy in the Business Services sector in a Business Services project.

France-based ESV Digital, a digital marketing agency, has opened an office in Milan, Italy as a part of its international expansion.

November 2013

Kwanko (Paris, France) is investing in the city of Milan, Italy in the Software & IT services sector in a Sales, Marketing & Support project.

France-based advertising firm Kwanko has opened a new office in Milan,

Italy. An additional office has opened in Hamburg, Germany. 21 November 2013

Rothschild & Cie Gestion, a subsidiary of Paris Orleans (Paris, France) is investing in the city of Milan, Italy in the Financial Services sector in a Business Services project.

Rothschild & Cie Gestion, an investment manager and a subsidiary of France-based Paris Orleans, has opened a new branch in Milan, Italy. It will allow the company to develop its business in the country by focusing on long term relationships with its clients and a range of mutual funds.

November 2013

Galactic, a subsidiary of FINASUCRE (Brussels, Belgium) is investing in the city of Milan, Italy in the Chemicals sector in a Sales, Marketing & Support project.

Galactic, a manufacturer and seller of lactic acid and a subsidiary of Belgium- based Finasucre, has established a subsidiary in Milan, Italy. It will enable the company to better serve customers in the country as well as enter into the industrial, cosmetic, and pharmaceutical industries. The initiative is in line with Galactic’s plans to develop throughout southern Europe.

October 2013

Diptyque (Paris, France) is investing in the city of Milan, Italy in the Consumer Products sector in a Retail project.

France-based fragrance company Diptyque has opened new store in Milan, Italy. It represents the company’s 18th owned store in the world.

22 October 2013

Clariant (Muttenz, Switzerland) is investing in Italy in the Chemicals sector in a Design, Development & Testing project.

Clariant Masterbatche, a division of Switzerland-based speciality chemicals producer Clariant, has opened a new project house in Pogliano, Italy. The E2m facility encompasses 400 sq m and will house a variety of industry experts exploring emerging technologies.

October 2013

Nutritional Products International (Boca Raton (FL), United States) is investing in the city of Milan, Italy in the Business Services sector in a Business Services project.

Florida-based Nutritional Products International, a provider of sales, marketing and product distribution services, has opened a new office in Milan, Italy. It is run by the firm’s NPI Global Export division, which helps nutrition, health and wellness, and personal care brands export products. It will focus on clients in Europe.

October 2013

Ascana (Barcelona, Spain) is investing in the city of Milan, Italy in the Real Estate sector in a Sales, Marketing & Support project.

Spain-based Ascana, a real estate service provider, has opened a new office in Milan, Italy as a part of its international expansion plan.

23 October 2013

Hermes International (Paris, France) is investing in the city of Milan, Italy in the Textiles sector in a Retail project.

France-based luxury brand Hermes International has opened a new 600 sq m flagship store in Milan, Italy. It is located on 12, Via Montenapoleone.

October 2013

Fashion GPS (NYC (NY), United States) is investing in the city of Milan, Italy in the Software & IT services sector in a Sales, Marketing & Support project.

US-based Fashion GPS, which provides web-based samples, events and public relation management solutions for the fashion industry, is to establish an office in Milan, Italy. The office will serve to support its Italian clients, both existing and prospective.

September 2013

VF Corporation (Greensboro (NC), United States) is investing in the city of Milan, Italy in the Textiles sector in a Headquarters project.

US-based VF Corporation, a global leader in branded lifestyle apparel, has established a new headquarters in Milan, Italy. The 25,000 sq m former industrial Forgiature area in the northern outskirts of the city houses the company’s 3000 sq m showroom and offices for 10 of its brands including Eastpak, Jansport, Vans and Wrangler.

24 September 2013

Burberry (London, UK) is investing in the city of Varese, Italy in the Textiles sector in a Retail project.

UK-based Burberry, a luxury fashion label, has opened a new outlet in Varese, Italy. Located within the airside shopping area of the Malpensa Airport, the store offers a variety of branded merchandise.

September 2013

Coccinelle, a subsidiary of E.Land (Seoul, South Korea) is investing in Italy in the Textiles sector in a Retail project.

Accessories retailer Coccinelle, a subsidiary of South Korea-based E.Land, has opened a new shop in Italy. The store is located within the Milan Malpensa Airport.

September 2013

Borealis, a subsidiary of International Petroleum Investment Company (IPIC) (Abu Dhabi, UAE) is investing in the city of Monza, Italy in the Ceramics & Glass sector in a Manufacturing project.

Plastics and chemicals company Borealis, a subsidiary of United Arab Emirates-based International Petroleum Investment Company, has announced it will open a glass fibre manufacturing plant in Monza, Italy. The plant will produce long glass fibre reinforced products, used mainly in the manufacturing of automotive and electronic products.

25 September 2013

Dr Hauschka, a subsidiary of Wala (Goppingen, Germany) is investing in the city of Milan, Italy in the Consumer Products sector in a Retail project.

Dr Hauschka, which manufactures and supplies natural skin care products with organic ingredients and is a subsidiary of Germany-based Wala Stiftung, has opened a flagship store in Milan, Italy. It will offer different treatments and consultations. This represents the company’s first store in the country.

September 2013

Fendi, a subsidiary of LVMH Group (Paris, France) is investing in the city of Milan, Italy in the Textiles sector in a Sales, Marketing & Support project.

Luxury fashion label Fendi, a subsidiary of France-based LVMH Group, plans to open a new showroom and several offices, within Fondazione Arnaldo Pomodoro, in Milan, Italy. It is scheduled to open in the first quarter of 2014. Fendi has recently established a flagship store in the city.

September 2013

FlowMetric (Doylestown (PA), United States) is investing in the city of Lodi, Italy in the Biotechnology sector in a Design, Development & Testing project.

US-based contract research organisation FlowMetric, which provides flow cytometry and cell sorting services, has established a laboratory in Lodi, Italy. The facility will serve the company’s European clients and is located at the Parco Tecnologico Padano in the city.

26 September 2013

CTI Clinical Trial & Consulting Services (Cincinnati (OH), United States) is investing in the city of Milan, Italy in the Pharmaceuticals sector in a Sales, Marketing & Support project

US-based Clinical Trial and Consulting Services, which provides drug development services, has established a new office in Milan, Italy. The opening enables the company to enhance its collaborations with Italian researchers as the European clinical research market expands.

September 2013

Michael Kors, a subsidiary of Sportswear Holdings (Hong Kong, Hong Kong) is investing in the city of Milan, Italy in the Textiles sector in a Retail project.

Michael Kors, which provides fashion for men and women and is a subsidiary of Hong Kong-based Sportswear Holdings, has opened two stores in Milan, Italy. The first 540 sq m store is located in Corso Vittorio Emanuele, and the second store measures 225 sq m and is located on Via della Spiga.

September 2013

GolinHarris, a subsidiary of Interpublic Group (IPG) (NYC (NY), United States) is investing in the city of Milan, Italy in the Business Services sector in a Business Services project.

GolinHarris, a provider of public relations services and a subsidiary of US- based Interpublic Group, has opened a new office in Milan, Italy. It will serve clients in the country as well as across Europe.

27 August 2013

Carrefour Express, a subsidiary of Carrefour (Paris, France) is investing in the city of Milan, Italy in the Food & Tobacco sector in a Retail project.

Carrefour Express, a subsidiary of France-based supermarket retailer Carrefour, has established a new store in Milan, Italy. The new outlet is located within the Linate Airport.

August 2013

PSI-CRO (Zug, Switzerland) is investing in Italy in the Pharmaceuticals sector in a Sales, Marketing & Support project.

Switzerland-based contract research organisation PRI-CRO has established a new operational office in the province of Milano, Italy. The opening in the town of further expands the company’s European presence and strengthens its ability to deliver global clinical trials.

July 2013

Tekni-Plex Europe, a subsidiary of Tekni-Plex (King of Prussia (PA), United States) is investing in Italy in the Rubber sector in a Manufacturing project.

Tekni-Plex Europe, a producer of plastic packaging products and a subsidiary of US-based Tekni-Plex, has commenced operations at a newly centralised manufacturing plant in , which is located in the suburbs of Milan, Italy. The new facility adjoins two existing facilities, combining the pair into a plant that offers more space for both the immediate and foreseeable future. The investment was made due to growing demands in several emerging markets. The facility is primarily used for manufacturing rubber for Tekni- Plex’s dispensing business.

28 July 2013

Dufry (Basel, Switzerland) is investing in the city of Varese, Italy in the Textiles sector in a Retail project.

Switzerland-based retail specialist, Dufry, has opened two new boutique in Varese, Italy. The new outlets are located within the Malpensa Airport and operate under the Armani Jeans and Versdace Jeans brands.

July 2013

Fendi, a subsidiary of LVMH Group (Paris, France) is investing in the city of Milan, Italy in the Textiles sector in a Retail project.

Luxury fashion label Fendi, a subsidiary of France-based LVMH Group, has opened a new flagship store on Via Montenapoleone, in Milan, Italy. Covering two floors, it contains a made to order service and a fur salon.

June 2013

Interroll (Switzerland) is investing in the Rho (Milan) in the Industrial Machinery, Equipment & Tools sector in a Sales, Marketing & Support project

Switzerland-based Interroll, which provides components and subsystems for unit load handling systems, internal logistics and automation, has opened an office in Rho. The branch will serve the Italian market, and will focus on food processing, e-commerce, parcel, post, airport security and logistics sectors.

Motives cited: Domestic Market Growth. The decision of the opening of an Italian site came with the certainty that the Italian market is ready to be assisted directly by Interroll’s global experience and its highly committed and skilled team. Interroll is particularly looking after the e-commerce branch, where figures show a really interesting growth of the sector in Italy. 29 June 2013

Conrad Electronics, subsidiary of Conrad Holding (Germany), is investing in Milan in the Consumer Electronics sector in a Sales, Marketing & Support project

Conrad Electronic, an electronics mail order retailer operating as a subsidiary of Germany-based Conrad Holding, has set up a branch in Milan. The company is expanding its product and service offering for the Italian market. Its product range includes computing and home office, multimedia, hobbies, home and garden, tools components and batteries.

June 2013

Abbyson Living (United States) is investing in the province of Milan in the Consumer Products sector in a Design, Development & Testing project

US-based Abbyson Living, a lifestyle home furnishings designer, is to open a new quality control office. The location will be situated close to the Italian partner’s manufacturing facilities in and will keep direct communication with the corporate office in Los Angeles, US.

June 2013

Associated Foreign Exchange (AFEX) (United States) is investing in Milan in the Financial Services sector in a Business Services project, creating 5 jobs

US-based Associated Foreign Exchange (AFEX), which provides foreign exchange and international payment services, has opened a new office in Milan. The company begins operations with five employees providing local businesses with global payment, treasury management and foreign exchange solutions.

Motives cited: Regulations or business climate - Chief executive officer, 30 Jan Vlietstra stated “As a well-known hub of commerce, Milan is home to the fashion, retail and automotive industries, and we’re looking forward to providing local businesses with our tailored, high-touch solutions and competitive, on-demand”.

May 2013

CEVA Logistics [Subsidiary of CEVA Group] (UK) is investing in Stradella (Lombardy) in the Transportation sector in a Logistics, Distribution & Transportation project

Logistics company CEVA Logistics, which operates as a subsidiary of UK-based CEVA Group, has opened a 20,000 sq m distribution centre in Stradella (province of Pavia). The facility is at the centre of a network that enables distribution throughout Italy and many other markets such as eastern Europe and the Balkans. The new centre is dedicated to serving the healthcare market.

Motives cited: Infrastructure and logistics - The Stradella site was chosen as the location of the new hub because of its strategic position, being central to the national logistics traffic running north-south and east-west. This area represents the focal point of Italian logistics flows and the intersection of major Italian communication, rail and road routes, allowing CEVA to reach approximately 13,000 pharmacies, 500 hospitals and 400 wholesalers, with a total of about 350,000 shipments per year.

May 2013

Cereplast (United States) is investing in Milan in the Plastics sector in a Headquarters project

California-based Cereplast, which develops and commercializes bio-based resins and bioplastics, has relocated its European headquarters to Milan. The relocation is part of the company’s restructuring of its global operations and will allow the company to focus resources on developing markets for growth. 31 April 2013

Hiwin Technologies (Taiwan) is investing in Rho (Milan) in the Metals sector in a Sales, Marketing & Support project

Taiwan-based Hiwin Technologies, a global producer of motion control products, will establish a new subsidiary in Rho (Milan) during 2013. The company’s expansion plans for the country include growing its business among first-tier Italian car parts manufacturers and increasing ownership of its Italian affiliate through its wholly-owned German subsidiary.

April 2013

Flextronics (Singapore) is investing in Milan in the Medical Devices sector in a Design, Development & Testing project, creating 200 jobs

Flextronics Medical, a division of Singapore-based electronics manufacturer Flextronics, has opened a new showcase medical design centre in Milan. The design and industrialization centre provides services to customers in the medical industry and provides expertise for medical devices, drug delivery devices, medical equipment and disposables. It is 5000 sq m and staffs approximately 200 design engineers.

April 2013

Wolford (Austria) is investing in Varese in the Textiles sector in a Retail project

Austria-based hosiery brand Wolford has opened a new boutique in Malpensa airport (Lombardy), Italy. The 35 sqm outlet offers a wide selection of luxury leg-wear, lingerie, clothing, fashion accessories and beachwear.

32 April 2013

Desigual (Spain) is investing in Milan and in Limbiate in the Textiles sector in a Retail project

Spain-based clothing company Desigual has opened five new stores in Italy as a part of its expansion plan in the European market. The new outlets are located in Torino, Parma, Limbiate, Chieti and Milan.

March 2013

Merieux NutriSciences (Silliker) [Subsidiary of Institut Merieux] (France) is investing in Milan in the Business Services sector in a Design, Development & Testing project

Merieux NutriSciences an ultimate subsidiary of France-based Institut Merieux, has opened a new sensory centre in Milan. The new, 250 sqm facility includes a testing room, panel room, sensory tasting cabins, a fully equipped kitchen and all the necessary supporting facilities.

February 2013

Spotify (UK) is investing in Milan in the Software & IT services sector in a Sales, Marketing & Support project

UK-based Spotify, an online digital music service provider, has opened an office in Milan. The company plans to launch its service there and has appointed a head for the Italian market.

33 February 2013

Gucci, subsidiary of Kering (France), is investing in Milan in the Textiles sector in a Retail project

Luxury fashion and accessories company Gucci, a subsidiary of France- based PPR SA, is to open a store in Milan in June 2013. The store will be located in the Brera district of the city, and will be Gucci’s largest men’s only store in the world. It will sell a range of shoes, bags, eyewear, jewellery and watches.

February 2013

Bottega Veneta, subsidiary of Kering (France), is investing in Milan in the Textiles sector in a Retail project

Fashion company Bottega Veneta, which operates as a subsidiary of France- based PPR, is to open a flagship store in Milan in the summer of 2013. This will be the company’s largest store worldwide, and will measure 1000 sq m.

February 2013

Exton Consulting (France) is investing in Milan in the Business Services sector in a Business Services project, creating 5 jobs

France-based Exton Consulting, which provides management and consultancy services for the financial services industry, has opened an office in Milan. The opening has created five jobs and the office is part of the company’s international expansion strategy.

34 February 2013

Takko Holding (Takko Fashion), subsidiary of Salsa Retail Holding (Luxembourg) is investing in Italy in the Textiles sector in a Retail project.

Luxembourg-based Salsa Retail Holding’s subsidiary Takko Holding, doing business as Takko Fashion, plans to open six more stores in Italy by the end of April 2013 as part of an international expansion strategy. As of February 2013, it had 39 stores there. The Italian headquarters of the company are located in Pero (MI).

February 2013

Strategir (France) is investing in Milan in the Business Services sector in a Business Services project

France-based market research company Strategir is to open an office and subsidiary in Milan, in a joint venture with local company Ales. The office is part of the company’s internationalization strategy and will serve the local market.

January 2013 id&co (France) is investing in Milan in the Business Services sector in a Business Services project

France-based communications and branding agency id&co has opened an office in Milan, Italy. The office is part of the company’s European expansion plans and will provide services in branding, identity creation and architecture.

35 January 2013

Hennes & Mauritz (H&M) (Sweden) is investing in Milan in the Textiles sector in a Retail project

Sweden-based fashion retailer H&M plans to launch the first stores of its brand ‘& Other Stories’ in spring 2013, including in Milan, Italy. The company will also launch online stores and aims to offer its collections to an even broader audience.

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Our Business Partners

Invest in Lombardy can offer you an established network of private partners, which we assessed and approved to meet a guaranteed level of service for foreign investors.

Our close working relationships with these companies can allow us in developing solutions and can recommend specific individuals for particular projects. Our experts can give you detailed information on different fields that apply to your investment.