Sergio Rossi will be shod by the Chinese Fosun: will Investindustrial gain?
Fosun Fashion Group acquires 100% of Sergio Rossi, owned by the Investindustrial fund. Facts, numbers and comments
100% of Sergio Rossi passes into Chinese hands. The fashion brand , founded in 1951 and specialized in footwear, was acquired by the Chinese conglomerate Fosun Fashion Group, already owned by Lanvin and Wolford.
The seller was Absolute Luxury Holding Srl, a subsidiary of the Investindustrial fund.
TOP SECRET THE TERMS OF THE AGREEMENT
However, the financial terms of the operation remain unknown, according to WWD , a specialized magazine, which adds that Fosun Fashion Group, an international luxury fashion group and subsidiary of Fosun International, one of the largest Chinese consumer goods conglomerates, is looking for new brands to acquire.
ACQUISITION TOWARDS SYNERGIES BETWEEN BRANDS
“This acquisition not only completes a strategic brand ecosystem, but also creates potential synergies between brands through Sergio Rossi's wholly owned factory,” explained the Asian group.
THE PORTFOLIO OF FFG
Sergio Rossi would augment Fosun Fashion Group's current luxury brand portfolio, which currently already has Lanvin, Wolford, Caruso and St. John Knits. The conglomerate, writes Il Sole 24 Ore Radiocor , is also the owner of Christian Louboutin, Birkenstock and Dr. Martens and controls Adidas, which is also looking for a buyer for Reebok.
THE SERGIO ROSSI BRAND
Sergio Rossi was founded in 1951 by Sergio Rossi (who passed away at the age of 84 last year, struck by Covid), in the footwear district of San Mauro Pascoli in Italy. Over the years it has become an established brand in Italy and in the world, it was acquired by the Gucci group (now Kering), and then passed into the hands of the Investindustrial di Bonomi fund in 2015, through Absolute Luxury Holding Srl.
THE NUMBERS OF SERGIO ROSSI
The Italian brand, which owns 64 boutiques, closed 2020 with revenues of around 60 million euros.
ABSOLUTE LUXURY HOLDING
The person who sells Sergio Rossi to the Chinese is Absolute Luxury Holding Srl, led by Veneziani Carlotta and 100% controlled by Red Luxury Holding, in turn controlled by the Investindustrial fund.
The company closed 2019 with a loss of 22,745,779 euros, against the red of 259,836 in 2018. The net equity, on the other hand, is equal to 2,893,834 euros.
THE INVESTINDUSTRIAL FUND
The Investindustrial fund , created in 1990 by an industrial group, with 11 billion euros of funds raised, is one of the main independent investment groups in Europe focused on taking control positions mainly in medium-sized companies in southern Europe that they are leaders in their fields.
THE INVESTINDUSTRIAL PORTFOLIO
The fund has a diverse portfolio . Among others, it has invested in: Artsana, benvic, Ceme, University Training, Generalife, Italcanditi, Marche Jacuzzi, Morgan Motor, Oka, Procedure.
NUMBERS AND COMMENTS
According to Reuters , the shoe maker could be worth a few tens of millions, after it closed 2019 with 66.5 million in revenues and a net loss of 15.8 million. "The Bonomi fund had bought Sergio Rossi in 2015 from the French #Kering , with an investment of 100 million, when the group had about eighty – wrote the journalist expert in finance, Carlotta Scozzari – It therefore seems that Investindustrial is not going out in gains from the investment ".
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/sergio-rossi-sara-calzata-dalla-cinese-fosun-investindustrial-ci-guadagnera/ on Fri, 11 Jun 2021 14:15:05 +0000.