We have advised Argos Fund on the capital raise of Emosia Group from Indigo Capital to finance the acquisition of Culti Milano, an iconic Italian luxury house renowned in the world of home fragrance and design.
Backed by Argos Fund since 2017, Emosia has executed a disciplined and consistent buy-and-build strategy, including the acquisitions of Devineau in 2019 and My Jolie Candle in 2022. The present transaction further consolidates the Group’s position as a leading European home fragrance platform, combining iconic brands, industrial know-how and an expanding international footprint.
Active in nearly 70 countries through a network of more than 9,000 points of sale, Emosia generates revenues in excess of €110m, half of which is generated outside France. The acquisition of Culti Milano marks a new step in the Group’s premiumisation strategy and provides Emosia with privileged access to the accessible luxury segment.
Founded in Milan, Culti Milano is a distinctive Italian luxury house specialising in high-end home fragrances, candles, and decorative objects. The company employs 61 people and generated revenues of €20.8m in 2024. Through its selective retail network, own-brand boutiques, and partnerships with premium hospitality and luxury players, Culti Milano has established itself as a benchmark brand in its segment.
This transaction marks a major milestone in Emosia’s growth strategy. By combining Culti Milano’s distinctive Italian art de vivre, premium positioning and international reach with Emosia’s industrial and commercial platform, the Group is well positioned to accelerate its international development while preserving Culti Milano’s identity, creative heritage and entrepreneurial culture.
