MILAN — A new chief executive officer is expected at Italian fashion brand Twinset.
Market sources say Gabriele Maggio, most recently CEO of Elisabetta Franchi, is joining Twinset, succeeding Alessandro Varisco. This follows the acquisition in June of 100 percent of the company by Borletti Group and Quadrivio & Pambianco, through the private equity vehicle Made in Italy Fund II, from The Carlyle Group.
Varisco joined Twinset in 2015 from Moschino, where he had led the brand since 2009. Before Moschino, he served as managing director at Roberta di Camerino for two years and, prior to that, as sales and marketing director at Gianfranco Ferrè from 2003 to 2008.
Maggio joined Elisabetta Franchi in February 2024 and left in October. His career in fashion spans more than 25 years, as he was previously president and CEO of Stella McCartney, which he exited in December 2023, after four years at the helm of the brand. Prior to McCartney, Maggio was general manager of Moschino. He previously held several senior executive and board-level positions at both Gucci and Bottega Veneta. His curriculum also includes experiences at Giorgio Armani and Prada.
Maggio’s departure from Elisabetta Franchi comes on the heels of Marco Bizzarri’s divestiture of his stake in the company in July and his own exit, resigning as chairman at the end of September, as reported.
Twinset was founded as a knitwear specialist, and has expanded into women’s total look collections, also holding fashion shows in Milan. Over the past few years, it has reached out to a younger generation, tapping the likes of Emily Ratajkowski, Georgia May Jagger and Suki Waterhouse for its communication.
Positioned in the affordable luxury market range, Twinset in 2024 reported revenues of more than 200 million euros, and earnings before interest, taxes, depreciation and amortization of more than 30 million euros.
In May, Borletti Group bought a minority stake in denim, sportswear and accessories brand True Religion. It has more than two decades of experience investing in premium and lifestyle brands ranging from Printemps and Rinascente to MooRER and Zimmermann.
Made in Italy Fund II’s investments have ranged from sneaker brand Autry and Filippo De Laurentiis, specialized in high-end knitwear, to French brand Sessùn.
At the time of the acquisition, highlighting Twinset’s strong identity and awareness, Alessandro Binello, group CEO of Quadrivio Group and managing partner of the Made in Italy Fund II, said the affordable luxury segment “is today an essential target” for private equity funds “and we aim to continue to invest in it, confident in its great potential and the return for our investors.”
The Carlyle Group acquired 70 percent of Twinset in 2012, upping its stake to 90 percent in 2015 and taking full control in 2017 after Simona Barbieri, who founded the company in 1990 in the Italian town of Carpi — a knitwear hub — with business partner Tiziano Sgarbi, left the company for good.
