US private equity firm Carlyle Group yesterday struck a deal to buy the remaining stock it does not already own in Italian fashion brand TWINSET Simon Barbieri S.p.A. for an undisclosed sum.
Carlyle is buying the remaining 10 per cent stake from founder Simona Barbieri, who will step down as the creative director and director of the company.
Carlyle had acquired a 72 per cent stake in TWINSET in 2012, which it raised to 90 per cent in 2015.
"In a challenging environment, TWINSET continues to perform well and we are strongly committed to further enhance the brand's values, product offering and boost global presence, leveraging Carlyle's high industry expertise and strong international network'' said Alessandro Varisco, CEO of TWINSET.
"I would like to thank Simona Barbieri for our creative collaboration and the objectives achieved together in these years. Carlyle strongly believes in TWINSET's potential and I am convinced that the management team will continue to develop the brand's international positioning and grow the business successfully'' said Marco De Benedetti, managing director and co-head, Carlyle Europe Partners.
Founded in Capri in 1990 by Simona Barbieri and Tiziano Sgarbi, TWINSET is one of the most successful Italian company in women's wear and accessible luxury.
Established as a knitwear company, TWINSET now offers clothes in contemporary elegance.
The Italian market accounts for approximately 64 per cent of its annual turnover of €237 million, while the retail channel is 34 per cent.
It has a direct sales network of 67 shops, of which 45 were in Italy and 22 oversea, including Germany, France, Spain, Belgium and Russia.