MILAN (Reuters) -U.S. non-public fairness group Carlyle Group is predicted to clinch within the coming days an accord to promote Italian trend model Twinset to native funding companies Borletti Group and Quadrivio, two sources near the matter stated on Wednesday.
Beneath the deal, the 2 funding companies will purchase the closely indebted premium clothes model at an enterprise worth of barely lower than 200 million euros ($224 million), the sources stated.
Suggested by Rothschild, Carlyle final yr launched a sale course of for Twinset, a model recognized for its romantic model that was based in 1987 close to the northern Italian metropolis of Modena, an space well-known for its myriad small knitwear firms.
Principally third-party suppliers, many of those firms got here underneath stress when cheaper international competitors hit, prompting some to reinvent themselves as producers with their very own model.
Based by artistic director Simona Barbieri and Tiziano Sgarbi, Twinset was acquired by Carlyle in 2012. In 2015 the U.S. agency raised its preliminary 72% stake to 90%.
After investing in Twinset’s retail technique with worldwide retailer openings, and to widen its product providing, in 2017 Carlyle gained full management of the model by shopping for the remaining 10% from Barbieri.
Earlier this yr Il Sole 24 Ore reported that Quadrivio and Borletti have been in unique talks to purchase the corporate.
Twinset posted a 2023 core revenue of 34 million euros on income of simply over 200 million, Il Sole 24 Ore reported.
Quadrivio, Borletti Group and Rothschild declined to remark. Carlyle didn’t reply to a request for a remark.
($1 = 0.8923 euros)
(Reporting by Elisa Anzolin; Modifying by Valentina Za)