Criss Bellini sells self-designed art directly to consumers through its own e-commerce platform. In the fiscal year 2025, the company generated revenue of 23.9 million Swedish krona and reported an operating profit (EBIT) of 8.5 million Swedish krona, corresponding to an operating margin of 35.5 percent.
Ludvig Neset, CEO of Vetted Assets, comments on the deal:
We are very selective in our acquisitions, and Criss Bellini represents exactly the type of company we are looking for. The company combines very high gross margins and good profitability with an efficient organization, a strong customer base, and a product with clear international scalability.
Criss Bellini’s founder and CEO, Admir Karat, had previously declined to sell parts of the company, which has generated profits of over 40 million Swedish krona over the past seven years.
Vetted Assets offers a partner with extensive experience in building and scaling successful e-commerce companies. I am convinced that together we can take Criss Bellini to the next level, he says.
Financed by Issue and Loan
To finance the acquisition, which will be made in cash on the closing date, the board of directors of Vetted Assets has decided on a new issue of 15 million Swedish krona with preferential rights for existing shareholders. The issue is fully secured through subscription commitments from major shareholders and management, with a subscription price of 4.40 Swedish krona per share. In the event of oversubscription, there is also an over-allotment option for an additional 10 million Swedish krona.
In addition, the company has been granted an external loan of 20 million Swedish krona from Resurs Bank. The implementation of the new issue is conditional on approval at an extraordinary general meeting on August 19, 2026. The agreement also includes an option giving Vetted Assets the right to purchase the remaining 30 percent of Criss Bellini within five years.
First Acquisition Increased 80 Percent in Q2
The purchase of Criss Bellini is the group’s second acquisition. In the spring, Vetted Assets acquired a stake in e-commerce retailer Andy Okay, which also operates in the art segment. Board member Juri Gendelman points out, however, that this is not a sector-specific strategy, but that they continuously evaluate companies in several segments, such as fashion and beauty, based on profitability and growth potential.
In a separate financial update from early July, Vetted Assets announced that Andy Okay had shown strong sales development during its first quarter with the new owners. In the second quarter of 2026, Andy Okay’s revenue increased by approximately 80 percent compared to the same period last year, driven by AI efficiencies and a broadened assortment.
That we can already report growth of around 80 percent during our first quarter as owners shows that The Vetted Playbook delivers measurable results. We are very confident about the rest of 2026, said Ludvig Neset in connection with the quarterly update.