After the rumors of the past few days, the official announcement now follows: The Etro family is leaving the Italian fashion house of the same name.
A consortium of industrial investors has acquired the minority stake previously held by the Etro family. The consortium is made up of the Turkish company Rams Global, Mathias Facchini from Swinger International and the banker Giulio Gallazzi through the Sri Group. The transaction was carried out in coordination with L Catterton. L Catterton remains the majority shareholder and will continue to actively support the brand’s long-term growth strategy.
Faruk Bülbül becomes chairman of the board of directors
Acting Chief Executive Officer (CEO) Fabrizio Cardinali will continue to be responsible for the implementation of the strategic plan. He works closely with L Catterton, Rams Global and the new investors.
Faruk Bülbül, representative of Rams Global, is appointed Chairman of the Board of Directors. In this role, he will accompany the company’s next growth phase together with the CEO and shareholders.
“Etro has developed strong momentum in recent years. The brand has been strengthened and both the operational and governance structure have been consolidated. We are pleased to welcome Rams Global, Mathias Facchini and Giulio Gallazzi as long-term partners. They bring valuable industry expertise and global networks. Together with Fabrizio Cardinali and the management team, we will continue to implement Etro’s strategic plan and accelerate international growth,” explained Luigi Feola, Managing Partner at L Catterton Europe.
“The transaction aims to further strengthen Etro’s industrial and strategic capabilities. At the same time, it confirms the strong external confidence in the brand’s positioning and its future potential,” it said in a statement.
The financial details of the transaction were not disclosed. However, the valuation is higher than L Catterton’s original investment, highlighting the value created since its entry, management said. Rams Global, Mathias Facchini and Giulio Gallazzi each invested in Etro through their own platforms. They identified significant, previously untapped potential in existing and new markets.
The new shareholders
Rams Global has more than 36 years of experience across 11 business sectors, including luxury real estate, hospitality and hospitality. The company has an international presence and is active in numerous countries and important global cities.
Swinger International SpA is an Italian fashion group focusing on clothing, shoes, bags and accessories in the ready-to-wear and contemporary segments. The company has its own brands, including the women’s ready-to-wear brand Genny, and maintains licensing partnerships with international fashion houses.
Giulio Gallazzi is President and CEO of Sri Group, a private equity firm specializing in small and medium-sized companies. Under his leadership, Sri Group has completed several strategic acquisitions and has become one of the main shareholders of Gruppo Banca del Fucino.
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