Sim has commented as follows ... Calderini (1899-1975) was born in Ravenna, so the Italian connection makes sense but the timing is wrong. Nicola Simbari was the first (and I think only) Italian working for Pulford at that point, and the connection with Studio Favalli had only just been made. Plus, the only other costume-designer who worked on poster illustration that I know of was Olga Lehmann, and she had a lengthy background in set design too, so was right at the heart of the film business. Calderini's involvement seems to have been much more on the fringes (boom boom). On the whole, I have to say I don't think that's the answer - the identical initials are just a coincidence. Plus, EMC (whoever they were) worked on dozens of other quads over the early 50s, and was almost certainly based in the UK. I'd stick with my original contention that this is a still-unidentified jobbing British illustrator, and unfortunately every single contemporary who could possibly have put a name to them - Pulford, Eddie Paul etc - are now gone. But still an excellent, intuitive suggestion, so top marks for effort ... !
The above info has been posted with Sim's approval.
Best wishes,
Terry -
www.quadbod.co.uk