Coin Corso Vercelli acquired for 33 million euros by Maghen Capital

Completed by Maghen Capital, a group specialising in residential property investments, the acquisition of the former Coin Excelsior building in Milan’s Corso Vercelli, 30-32.

The department store, one of the city’s best-known and most important, with its 65 years of activity, will close its doors next 31 July.

The property, leased to the retailer since 1961—the date of its opening—, extends over six above-ground floors and one underground level, covering a total area of approximately 5.000 square metres, plus an underground area used for parking.

The future of ‘Palazzo Coin’

The total value of the transaction amounts to 33 million euros. At stake, as trade union sources emphasise, is the future of 25 Coin employees.

The mixed-use building stands in the heart of the elegant Vercelli-Pagano district, in the western part of the Lombard capital.

What will happen to this important asset? "The transaction is in line with the business model that characterises our group—said Michael Meghnagi, chief executive officer of Maghen Capital —which aims to increase the value of the investment through redevelopment into a luxury residential property with extensive and exclusive communal facilities, parking and terraces, in response to customer demand and the current market trend in Milan”.

Some time ago, it was suggested that the fashion brand would remain, with a small space: will it really happen?

18 June: strike and meeting at Mimit

Meanwhile, for several days now, Coin group employees have called a national strike to be held on 18 June, despite the recent good news about the brand’s future: a second capital increase (of 30 million euros) and an important agreement with Mango for the opening of 22 stores of the Spanish brand in an equal number of large department stores belonging to the Italian group.

The sector trade unions, Fisascat Cisl, Filcams Cgil and Uiltucs, stress that “the company’s relaunch cannot merely be declared, but must be verifiable in the shops, through concrete investments, adequate staffing levels, effective redeployment and fully guaranteed health and safety conditions”.

On the same day, the Ministry of Enterprise and Made in Italy nevertheless scheduled a meeting with the parties in Rome.

Coin responds and announces further partnerships

Regarding the strike, the Coin group distances itself and, in a statement received by our editorial team, writes as follows.

"Regarding the national strike called by the national secretariats of Filcams Cgil, Fisascat Cisl and Uiltucs for 18 June 2026, Coin Spa confirms that it is fully implementing what was defined in the agreements signed in April 2026 with the trade union organisations at the Ministry of Labour.

"Coin immediately took action to facilitate the internal redeployment of employees from shops that are closing, making all vacancies known as quickly as possible, at both local and national level. The company has also promptly activated, together with the Lazio Region, active labour market policy measures to facilitate the external redeployment of staff from the Rome, Cola di Rienzo store and promote individually tailored training programmes, in which approximately one third of the employees working there have already been involved.

"We reiterate our full compliance with legal provisions concerning work organisation, scheduling and workloads, while ensuring adequate staffing of the sales areas.

"For Coin Spa, the health and safety of the working environments and its employees are absolute priorities: as the trade unions are already aware, in 2025 numerous extraordinary maintenance works were carried out in the shops, and further works are planned in 2026, involving substantial investment in the restoration of systems and structural works, which will affect 24 shops.

"Coin is continuing and accelerating its plan to restore, relaunch and transform its business model, as concretely demonstrated by the recent announcements of 3 June 2026, concerning the strategic partnership with Mango and the capital increase subscribed by the shareholders amounting to 30 million euros. Further significant partnerships will be finalised and announced in the coming months, demonstrating the renewed appeal of the brand.

"Our company continues to believe that proper trade union relations can be restored and remains convinced that open and constructive dialogue with the social partners is the key to managing the recovery and relaunch process as effectively as possible".  

This article was translated from the original Italian version with the assistance of artificial intelligence. In case of discrepancies, please refer to the original Italian version.