MILAN — While the new ownership of Missoni was revealed with a new twist last week — with FSI becoming the controlling shareholder and Katjes International acquiring a minority stake — the transaction is entirely aligned with “a message of continuity and stability, and fulfills the promises made so far,” explained Livio Proli.
During an interview at Missoni’s headquarters here, the chief executive officer of the brand praised Maurizio Tamagnini, founder and CEO of equity firm FSI, for his long-term view. FSI acquired 41.2 percent of Missoni in 2018, and is raising its stake to 73 percent by buying the shares of the Missoni family, which is exiting the company. Germany-based Katjes International signed an agreement, through its wholly owned subsidiary Katjes Quiet Luxury, to acquire about 27 percent of the Italian luxury brand. Katjes International also has a call option on FSI’s shares with the potential to become the majority shareholder.
Proli described Tamagnini as “a visionary, extremely cultured, with an important network of relations and he has always supported the gradual and solid growth of Missoni because he believes in its values and in Made in Italy production. FSI is not an aggressive fund.” Including Katjes International in the deal means “having an external partner for an exchange of opinions, a plurality of voices that will allow to have a more expansive vision,” Proli contended.
The executive joined Missoni from the Giorgio Armani Group in 2020 and spearheaded the turnaround of the company, which became profitable last year. The strategy with FSI was to focus on the signature line. Proli closed the M Missoni line shortly after his arrival, secured continuity to its supply chain by buying out T&J Vestor, its licensee for the Missoni Home collections, building on a partnership kicked off in 1983, and acquiring Tricotex, a leading manufacturer of high-end textiles and one of Missoni’s long-standing suppliers. “The goal has always been to maintain Missoni’s distinctive identity, authenticity and quality,” said Proli.
As per the sale agreement, Proli is staying on at Missoni, and Barnaba Ravanne, cofounder of FSI, was named president, succeeding Angela Missoni, daughter of the late founders Tai and Rosita. Her brother Luca was in charge of special events and exhibitions. The family will continue to lead the Fondazione Ottavio e Rosita Missoni.
Before the deal was revealed last week, Missoni was said to be in exclusive talks with Authentic Brands Group, the New York-based owner of Reebok, Champion and other high-profile brands, about a sale.
Missoni Home collection.
Courtesy of Missoni
Katjes International is listed on the Frankfurt Stock Exchange via its corporate bonds and its first foray into fashion dates back to last year, when Katjes Quiet Luxury last year took a controlling stake in high-end sports brand Bogner, founded in the 1930s by Nordic skiing world champion Willy Bogner, together with his wife Maria Bogner.
Katjes International is an investor in Italy’s food brands Paluani and Sperlari and fragrance firm Antica Erboristeria and last month acquired Graze snacks from Unilever, among other deals.
Bastian Fassin and Tobias Bachmüller are experts in the confectionery industry and are the managing shareholders of Katjes International and its sister company Katjes Deutschland.
“They adore Italian art and culture and share [with Tamagnini and Proli] a deep respect for the heritage and values of a brand. It’s not by chance that they bought Bogner, a brand thoroughly connected with its founders,” said Proli.
Growth Potential
While Proli will unveil his five-year strategy for Missoni after the closing of the transaction, which is subject to approval by the relevant antitrust authorities and is expected in the second quarter, he said he is eyeing revenues of 200 million euros, up from the current 130 million euros, given the untapped potential of the brand. The latter figure represents a 5 percent gain on 2024. Last year, adjusted earnings before interest, taxes, depreciation and amortization totaled 20 million euros.
For starters, with creative director Alberto Caliri, menswear will be a new avenue of growth, Proli believes. “Sales of this category amount to 8 million euros, but with the right communication strategy there could be the potential to grow to 20 million euros in five years,” said Proli. Developing small leather goods, bags and shoes is also key.
Expanding Missoni’s network of stores, totaling 42 now, is also a priority. Four new units are in the pipeline, and Proli proudly revealed the opening of a boutique in Paris on Rue Saint Honoré in May. In France, Missoni already has a very successful seasonal store in Saint-Tropez, he remarked.
The U.S., which currently accounts for between 18 and 20 percent of sales, and Europe need to be further penetrated, said Proli. He added that the partnership with Al Tayer in the Middle East has been very successful so far, although he did stop to acknowledge the war in that region.
Livio Proli
The goal is also to expand the wholesale division, which currently accounts for 70 percent of revenues, through new shops-in-shop and corners.
Given the recognizable identity of Missoni, the brand’s home and contract division has been tremendously successful, said Proli. Missoni Home sales amount to around 30 million euros. During the upcoming Salone del Mobile in Milan in April, Missoni “will celebrate the house’s knitwear weaving art,” said Proli.
The company has been extremely active in the development of luxury residences. After the completion of Missoni Baia in Miami and the Urban Oasis by Missoni in Dubai, eight projects are under construction, in towns ranging from Marbella and Sao Paulo to Bodrum, Ras Al Khaimah and Lisboa. Currently, there are also five Missoni Resort Clubs at the Maldives’ One & Only; Oky in Ibiza; Cali in Mykonos; Ritz Bali, and Crown Sydney.
Missoni eyewear is licensed to Safilo and Proli hopes to renew the fragrance license with Euroitalia “in order to strengthen the partnership between two leading Italian companies.”
