{"id":31451,"date":"2026-04-28T13:16:28","date_gmt":"2026-04-28T11:16:28","guid":{"rendered":"https:\/\/www.bacciardipartners.it\/?p=31451"},"modified":"2026-04-28T13:16:28","modified_gmt":"2026-04-28T11:16:28","slug":"inventory-securitisation-a-new-liquidity-lever-for-italian-companies","status":"publish","type":"post","link":"https:\/\/www.bacciardipartners.it\/en\/inventory-securitisation-a-new-liquidity-lever-for-italian-companies\/","title":{"rendered":"Inventory securitisation: a new liquidity lever for Italian companies"},"content":{"rendered":"

\"CartolarizzazioneA recent legislative development opens up new opportunities for companies operating with long production cycles or managing substantial inventory levels.
\nWith Law No. 34 of 11 March 2026 (the so\u2011called Annual SME Law<\/strong>), the Italian legislator has, for the first time, extended securitisation to unregistered movable assets<\/strong>, expressly including inventory stock<\/strong>.<\/p>\n

The new regime, in force as of 7 April 2026<\/strong>, makes it possible to view inventory not only as a working capital item, but also as a potential source of liquidity<\/strong>, without resorting to additional bank debt. This represents an entirely new scenario for manufacturing companies, retailers and the Made in Italy<\/strong>\u00a0sectors.<\/p>\n

But in which cases can this instrument be truly effective? Which companies can derive a concrete benefit from it? And which aspects require careful assessment from a financial, operational and legal standpoint?<\/p>\n

It is precisely on this ground that inventory securitisation ceases to be merely a regulatory innovation and becomes a potentially significant lever within a company\u2019s financial strategy.<\/p>\n

What It Is<\/h2>\n

Inventory securitisation allows a company to\u00a0segregate inventory assets and definitively transfer ownership<\/strong>\u00a0to a special purpose vehicle (SPV), which purchases the goods and finances the acquisition through the issuance of securities to investors.<\/p>\n

The outcome is immediate liquidity<\/strong>, balance sheet optimisation, no new bank debt<\/strong>, and the transfer of part of the unsold inventory risk to the investors.<\/p>\n

Who It Is For<\/h2>\n

Inventory securitisation is primarily aimed at two categories of companies:<\/p>\n

1. Companies with structurally long financial cycles<\/strong><\/h3>\n

A financial cycle exceeding 12 months<\/strong>, from payment for raw materials to cash collection from sales, inherently linked to the production process, resulting in a revolving financing need<\/strong>.
\nExamples include wine producers and manufacturers of aged food products such as cheese (e.g. Parmigiano Reggiano) and cured meats (e.g. prosciutto).<\/p>\n

2. Companies with excess inventory and slow turnover<\/strong><\/h3>\n

Inventory that remains saleable but with slow rotation (12\u201324 months)<\/strong> and typically sold at discounted prices, generating a one\u2011off financing need<\/strong>.<\/p>\n

These companies, often due to market conditions, hold excess stock compared to current commercial demand, with disposal typically occurring through secondary, non\u2011full\u2011price channels such as outlets, specialised e\u2011commerce platforms or secondary markets.
\nTypical examples include fashion and apparel manufacturers and retailers.<\/p>\n

Financial Objectives<\/h2>\n

The management objectives of inventory securitisation vary depending on the company profile:<\/p>\n

Companies with structurally long financial cycles:<\/p>\n