MILAN – Etro is entering a new phase with a new pool of investors.
Confirming a WWD report on Tuesday, the Turkish Rams Global; Mathias Facchini, who helms Swinger International and is the owner of the Genny brand, and SRI Group are buying a minority stake owned by the Etro family. This will lead to the exit of the founding family.
SRI Group is chaired by banker Giulio Gallazzi and is a multinational independent M&A corporate finance consultancy and private equity investments company founded in 2001 focused on small and medium-sized enterprises.
In December 2024, Rothschild was given a mandate to seek an investor in the Etro company. Speculation about a sale has been circulating on and off for years.
L Catterton remains the majority shareholder, after acquiring the stake in July 2021.
Financial terms were not disclosed, but in a statement, Etro said “the valuation is above the level of L Catterton’s original investment, underlining the value created since entry,” adding that “the new industrial investors join as long-term partners,” and that the agreement aims to “reinforce Etro’s industrial and strategic capabilities, while confirming strong external confidence in the brand’s positioning, momentum and future potential.”
In a sign of continuity, Fabrizio Cardinali, who joined Etro as chief executive officer in 2021 shortly after the arrival of L Catterton, will remain in this role. In the statement, the executive was praised as “instrumental in strengthening and professionalizing processes and governance, building and consolidating a high-caliber management team, restoring the brand’s relevance and desirability, and reconnecting Etro with both existing and new consumers.”
Faruk Bülbül, representing Rams Global, will be appointed chairman of the board.
“Etro has built strong momentum in recent years, strengthening the brand and reinforcing its operating and governance platform,” said Luigi Feola, head of L Catterton Europe. He underscored the long-term partnership with the new investors, “who bring valuable industrial expertise and global networks. Together with Fabrizio Cardinali and the management team, we will continue executing Etro’s strategic plan and accelerating its international growth.”
Cardinali joined Etro from Dolce & Gabbana, where he held several roles within the company, including chief operating officer and executive member of the board.
His nearly 13-year tenure at Dolce & Gabbana was interspersed with five years at Compagnie Financière Richemont, where he held the role of CEO of fashion brands ranging from Dunhill to Lancel.
It is understood Rams, which is a major real estate firm, is keen to further develop the Etro Residences, leveraging the brand’s home collection, a cornerstone and significant business for the Milan-based label.
It brings to the table more than 36 years of experience across 11 business areas, from luxury residences to hospitality and gastronomy.
Rams Global is no stranger to Etro. In October last year, Cardinali unveiled Etro’s first residential project in a partnership with the firm 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.
L Catterton invested in Etro with the aim of growing the Italian fashion brand’s customer base, expanding into new categories, enhancing its digital presence and driving global expansion, with a focus on the opportunities offered by Asia.
Financial sources close to the operation at the time pegged the value of the deal at 500 million euros for a 60 percent stake.
Following that initial deal, founder Gerolamo Etro, known as Gimmo, was appointed chairman of the company, which was established in 1968 as a textile firm and subsequently expanded into women’s and menswear and other products.
Etro’s ready-to-wear and accessories collections are designed by creative director Marco De Vincenzo, tapped by Cardinali in 2022.
Etro pre-fall 2026 collection.
Courtesy of Etro
The Etro family left their roles within the company shortly after the L Catterton acquisition. The members involved included siblings Veronica, who was the creative director for the women’s collections; Kean, men’s creative director; Ippolito, who oversaw strategic management, and Jacopo, who was in charge of the home line.
The brand is widely known for its paisley motif, bold patterns inspired by travel and precious fabrics.
Since his arrival at Etro from Dolce & Gabbana shortly after L Catterton’s acquisition, Cardinali has inked licenses for eyewear with Safilo; for fragrances and home scent collections with Coty Inc., the first beauty license for the Italian house, and for Etro Kids with manufacturing specialist Simonetta.
Swinger International SpA is an Italian fashion group specializing in apparel, footwear, handbags and accessories and is the licensee of the Just Cavalli and Versace Jeans Couture, leveraging its expertise in design, production and international distribution.
Gallazzi is chairman and CEO of SRI Group, one of the main shareholders of Gruppo Banca del Fucino. He has extensive experience in international business development, corporate finance and corporate governance.
