Italian Brand Twinset Changes Hands
The Italian womenswear brand, positioned in the affordable luxury market range, in 2024 reported revenues of more than 200 million euros, and earnings before interest, taxes, depreciation and amortization of more than 30 million euros.
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The affordable luxury segment is growing, believes Maurizio Borletti, founding partner of Borletti Group, and Twinset has 'solid fundamentals and still untapped potential.'
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 investments have ranged from sneaker brand Autry and Filippo De Laurentiis, specialized in high-end knitwear, to French brand Sessùn.
Alessandro Varisco, chief executive officer of Twinset, touted the experience of the two new owners, saying that 'this is a great opportunity for the company, which will allow to further strengthen its identity and become an even more international brand.'
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. Varisco joined in 2015 from Moschino.
Twinset was founded as a knitwear specialist, and has expanded into 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 and debuting a clothing rental program in 2019.
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