MILAN — It’s taken a year, but sources say Etro has found a new pool of investors.
In December 2024, Rothschild was given a mandate to seek an investor in the Etro company, and a well-placed banking source said the deal will be signed and made official on Thursday. Speculation about a sale has been circulating on and off for years.
As per the agreement, the Turkish Rams Global is said to buy the Etro family’s stake, leading to the founders’ exit.
L Catterton acquired a majority stake in July 2021, but sources say Mathias Facchini, who helms Swinger International and is the owner of the Genny brand, and SRI Group will buy a 15 percent stake through a single vehicle. SRI Group is chaired by entrepreneur Giulio Gallazzi and is a multinational independent M&A corporate finance consultancy and proprietary private equity investments company founded in 2001.
Etro had no comment on Tuesday.
Sources believe 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.
Rams Global is no stranger for Etro. In October last year, chief executive officer Fabrizio Cardini 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.
A rendering of the Tower Rams Beyond in Istanbul, Turkey, with Etro interiors.
courtesy of Etro
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.
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.
The Etro family left their roles within the company shortly after the 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 iconic 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.
