The M&A scene in Italy was particularly brisk up until the end of the year, and other potential deals may be on the horizon. Perhaps even more interesting, the acquisitions have observers wondering about the future of the brands as the new investors may veer from the well-trodden path, forge alliances, install another C-suite or new designers, and cater to a different customer.
For example, Etro is entering another phase with a new pool of investors, including the Turkish Rams Global; Mathias Facchini, who helms Swinger International, and SRI Group, which are buying the minority stake owned by the Etro family. This will lead to the exit of the founding family. L Catterton remains the majority shareholder, after acquiring the stake in July 2021.
While Fabrizio Cardinali remains chief executive officer and there is no indication that Etro would ever want to close its fashion division, under the lead of Marco De Vincenzo, sources believe the arrival of Rams Global signals the owners’ increased interest in the brand’s residential projects. Last year, Etro and Rams Global unveiled plans to design the interiors of the Tower Rams Beyond in Istanbul. It was followed by another residential project in Phuket, by Amal Development in collaboration with The One Atelier.
Speaking of Swinger International, which owns the Genny brand, it has also been especially active, taking control in December of Philippe Model Paris from Alessandro Benetton’s 21 Invest, pointing to a new focus for the Italian fashion group on the footwear division.
This is a segment that continues to interest investors. Before Christmas, international venture capital and private equity firm HSG said they were acquiring a majority stake in Golden Goose, with investment company Temasek and True Light Capital joining as minority investors.
The Golden Goose True-Star sneakers.
Funds advised by Permira, as well as other existing shareholders including Carlyle, retain a minority stake in the footwear brand.
Silvio Campara remains CEO, while former Gucci executive Marco Bizzarri has been named non-executive chairman. Since HSG has backed more than 160 companies in its portfolio that have listed on public stock exchanges, an IPO could once again be in the cards for Golden Goose, after it pulled the plug on its listing in June 2024. Speaking with WWD after the new investor structure was revealed, Campara said “the international and diverse pool of investors” would be an asset in any potential future IPO.
There’s been a lot of activity in the eyewear segment as well, with giant EssilorLuxottica’s increased investments in the med-tech segment.
While rumors swirl around the company, which could potentially take a stake in the Giorgio Armani group, as per the late designer’s will, EssilorLuxottica in December acquired Signifeye, a Belgian ophthalmology platform that operates 15 eye care centers and clinics in the Flanders region. Before that, it took over ophthalmology platform Optegra, just the latest in a string of such deals.
In addition to frames, lenses, medical instruments and science-backed eye care solutions, the group’s offer includes AI-powered innovative technologies and wearables, teaming with Meta to create performance AI glasses. In addition to its own brands ranging from Ray-Ban and Oakley to Persol, the group produces and distributes eyewear for companies spanning from Giorgio Armani, Brunello Cucinelli and Burberry to Chanel, Michael Kors, Moncler, Prada and Ralph Lauren, to name a few.
Soccer star Kylian Mbappé in Oakley’s new Meta HSTN glasses.
Courtesy of Oakley
Consolidating two major players in the eyewear industry, and creating yet another dominant force in luxury and lifestyle eyewear, in September, VSP Vision, parent company of Marchon, entered into an agreement to acquire Marcolin from PAI Partners and other minority shareholders. Marchon produces for brands ranging from Calvin Klein and Donna Karan to Ferragamo and Karl Lagerfeld, while Marcolin has a perpetual license with Tom Ford and produces for brands including Zegna, Christian Louboutin, and Max Mara to name a few.
In December, Safilo Group, which produces for brands including Boss, Carolina Herrera, David Beckham and Tommy Hilfiger, among others, said it had acquired 25 percent of U.K. eyewear firm Inspecs Group, providing the Italian eyewear company with a new strategic opportunity.
BasicNet Group is also moving into a new segment by acquiring beachwear specialist Sundek, a deal unveiled in December, a month after the group inked a deal to buy Woolrich from L-Gam.The deals follow the appointment of Alessandro and Lorenzo Boglione, the sons of the company’s founder and president Marco Boglione, as co-CEOs. The publicly traded, Turin-based company already comprises brands like Kappa, Robe di Kappa, K-Way, Superga, Sebago and Briko.
The sale of Twinset last June to Borletti Group and Quadrivio & Pambianco, manager of the Made in Italy Fund II, by The Carlyle Group led to the exit of CEO Alessandro Varisco and the appointment of Gabriele Maggio as his successor in December.
While Lorenzo Bertelli has taken on the role of executive chairman of Versace and Emmanuel Gintzburger at the moment remains CEO of the brand, eyes are on the future of its creative direction. Since the exit of Dario Vitale and the closing of the acquisition by Prada Group in December, sources say Pieter Mulier, creative director of Maison Azzedine Alaïa, is expected to be joining the Milan-based brand — unless Alaïa parent Compagnie Financière Richemont puts the brake on the designer’s move.
It will also be interesting to see how LuisaViaRoma CEO Tommaso Maria Andorlini will stabilize the business and retool the strategy of the troubled e-tailer following the exit of investor Style Capital last month.
There are still a few brands that sources say are being shopped around, from Sergio Rossi and Caruso, both under the Lanvin Group, to Missoni. In November, sources said Authentic Brands Group, the owner of Reebok, Champion and other high-profile brands, was in exclusive negotiations to purchase the Italian label. The Missoni family owns 58.8 percent of the shares of the company while an investor, Fondo Strategico Italiano, bought a 41.2 percent stake in 2018. WHP Global was said to also be looking at Missoni, but its interest has reportedly waned.
Missoni pre-fall 2026 collection.
Courtesy of Missoni
Observers also wonder about the Roberto Cavalli brand since owner Hussain Sajwani is shifting his attention to a project that is aiming to support the growing demand for data storage and processing related to AI and other technologies. In June, the company issued a statement that it is “working to find the best path to growth, which includes exploring strategic partnerships.”
What will happen to Aeffe is another open question. The financially troubled fashion group, which controls the Alberta Ferretti, Moschino and Pollini brands, in October filed an application for access to the negotiated settlement of the group business crisis (CNS). Sources believe executive chairman Massimo Ferretti, who has been rationalizing the group’s retail network and embarked on a cost-cutting strategy, may be eyeing a delisting. In addition, former Burberry and Ferragamo CEO Marco Gobbetti, who joined Aeffe’s board in August, has been working to find new growth avenues that could even lead to a sale.
