China plays in Italy: Superhisen set to take control of Italy’s Giochi Preziosi

China’s Superhisen is set to become the majority shareholder of Italy’s Giochi Preziosi through an €80 million capital increase, subject to court approval, as the indebted toy maker pursues a broader restructuring. The deal would mark the end of the Preziosi family’s control of the company and adds a new chapter to the debate over foreign ownership of long-established Italian businesses

ROME — Italy’s largest toy company, Giochi Preziosi, is poised to come under Chinese control as part of a financial restructuring aimed at stabilizing the heavily indebted group.

The deal: During a meeting at Italy’s Ministry of Enterprises and Made in Italy, Giochi Preziosi confirmed an agreement for China’s Superhisen Corporation—its main manufacturing supplier — to enter the company’s shareholding through a capital increase of around €80 million.

• If approved, the transaction would give the Chinese group a majority stake and industrial control of Giochi Preziosi, including its Spanish subsidiary Famosa.
• The agreement is currently under review by the Milan Court for final approval.

Why it matters: The deal would mark a major ownership shift for one of Italy’s best-known consumer brands.

• It reflects the financial pressures facing European manufacturers whose supply chains are heavily concentrated in China.
• The recapitalization is intended to support a broader restructuring plan covering the 2027–2031 period.

The big picture: The ownership change follows years of mounting financial strain. Giochi Preziosi has been hit by shrinking margins as soaring shipping costs from Asia, alongside higher raw material and energy prices, undermined a business model that relies heavily on manufacturing in China.

• By the end of 2025, the group reported total debt of €410 million, annual losses of €97 million and negative equity exceeding €217 million, underscoring the scale of the restructuring challenge.

Zoom in:  While the agreement would make Superhisen the controlling shareholder, Giochi Preziosi’s management continues to seek additional investors to secure the financial resources needed for the company’s turnaround.

• The group is also preparing to submit its final 2027–2031 restructuring plan to the Milan Court. The current restructuring does not include the company’s network of directly owned stores, leaving separate social protection measures to be identified for the 100 to 150 employees currently affected.

Between the lines: The agreement marks the beginning of the Preziosi family’s gradual exit from the company founded by Enrico Preziosi in 1978.

• Under his leadership, Giochi Preziosi became Italy’s leading toy company, expanding through major entertainment licences including Disney, Fortnite and Pokémon. Preziosi also diversified into professional football, controlling Genoa CFC for several years alongside other smaller clubs.
• The company first opened its capital to outside investors in January 2020, when it sold a 4% stake to a group of investors that included a fund linked to the Vatican. The current transaction is of a different scale, as the planned recapitalization would shift majority ownership away from the founding family as part of the group’s financial restructuring.

The bottom line: The proposed Superhisen investment represents more than a capital injection. If approved, it would transfer control of one of Italy’s best-known consumer brands to a Chinese industrial group as part of a restructuring.

• The transaction is also likely to add to the broader debate in Italy and across Europe over foreign ownership of long-established domestic companies, particularly when financial distress leaves them in need of new capital.