(Alliance News) - Giglio Group Spa announced Tuesday that its board of directors has approved the underwriting transaction between Giglio Group as lessee and Salotto Brera Srl as lessor, for the lease of the travel retail branch of business in Milanofiori Assago, in the province of Milan.

The agreement provides for a total term of one year at EUR60,000, with possible renewal to be negotiated within three months of its expiration.

The agreement includes the assets organized for the operation of travel retail activities and is inclusive of existing employment contracts with employees, customers and suppliers, as well as capital assets and the lease of the property.

For the company, the statement reads, "the lease agreement represents for Giglio Group, a leader in the distribution sector, an interesting and potentially profitable business opportunity such as to allow it to expand its presence in the travel retail market, enabling it to continue to carry out the distribution and sales activities it has already started - in connection and synergy with the distribution activities already carried out directly by the company - taking advantage of the solid operational structure and established relationships of Salotto Brera."

Giglio Group is up 2.9 percent to EUR0.43 per share.

By Chiara Bruschi, Alliance News reporter

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