The made in Italy symbol has become Chinese: the legendary Bialetti coffee machine has changed ownership and what does it have to do with Luxembourg?

One of the most recognisable emblems of the Italian household, the octagonal aluminium Bialetti coffee maker known as "Moka", is now owned by a Chinese investor. As officially announced, Stephen Cheng of Hong Kong, through Luxembourg-based investment fund Nuo Capital, has acquired a nearly 79 per cent stake in the historic brand. The deal is valued at around 53 million euros.

This twist of fate speaks not only to the globalisation of 'small' brands, but also to changes in Italy itself, a country where the Moka coffee machine has long been a cultural and emotional symbol.

The story of Bialetti is the story of the inventor Alfonso Bialetti (Alfonso Bialetti, 1888-1970), who developed the first Moka in the 1930s and launched mass production after the Second World War. These coffee makers, first aluminium and later steel, became an indispensable feature of Italian kitchens. They symbolised the democratisation of espresso: coffee outside the bar, at home, affordable and simple.

The shape, the contrivance and even the method of preparation have all become part of the Italian cultural code. The Bialetti coffee maker with its characteristic figure of a man with a moustache still adorns millions of kitchens around the world.

However, the brand's position has been shaken in recent years. The coffee machine market is dominated by capsule systems that offer speed, convenience and a variety of flavours. This has hurt "traditional" devices like Moka. In addition, Bialetti, according to Italian media, has debts of over 100 million euros and is behind on tax payments to the state.

Although the company tried to diversify - selling electric coffee machines, coffee, mugs and small kitchen appliances - it failed to get out of the debt funnel. Even a chain of branded shops in Italian cities did not save the day.