Italian investment company Italmobiliare
is investing 120 million euros (about $142 million at current exchange rates) to acquire an additional 60% stake in 400-year-old pharmaceutical laboratory Officina Profumo Farmaceutica di Santa Maria Novella. The move makes Italmobiliare the brand’s majority investor. Earlier this year, Italmobiliare acquired a 20% stake in the cosmetics maker, which employs more than 100 people and sells high-end products in 300 stores in the world. Last year, Officina Profumo Farmaceutica di Santa Maria Novella had sales of about $39 million (31 million euros). The company was started by Dominican Friars in the 16th century.