Clessidra SGR Exits Harmont & Blaine Investment
MILAN – The eight-calendar year relationship concerning non-public fairness fund Clessidra SGR and casualwear label Harmont & Blaine, recognized for its dachshund logo, has come to an end.
An financial commitment automobile backed by former Clessidra SGR companion Riccardo Bruno and other traders named Bassotto 2., which is the Italian phrase for dachshund, has purchased out the 40 p.c curiosity the personal equity business had owned in Harmont & Blaine considering that 2014.
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Money conditions ended up not disclosed.
Following the deal, Bruno will grow to be the brand’s president though its longstanding creative director Paolo Montefusco, a member of the founding loved ones, will be named chief executive officer, succeeding Marco Pirone, who has held the position for two several years.
“A new vital chapter for Harmont & Blaine opens and I’m completely ready to embrace new achievements and difficulties alongside one another with my siblings and Bruno,” stated Montefusco, who’s returning to the driver’s seat just after he held the title from 2016 to 2020.
“Our Italian heritage intertwined with an global vision is geared at tapping into a acutely aware viewers looking for a beneficial way of living,” he reported, nodding to the company’s recently rebranded catchphrase “feel very good each day style.”
The Milan-centered non-public equity fund Clessidra SGR, which is component of the Pesenti family’s investment holding Italmobiliare S.p.A., has toyed with luxury for a even though, acquiring beforehand invested and divested manner label Roberto Cavalli and jeweler and watchmaker Buccellati.
“With this sale we accomplished our investment decision course of action aimed at the improvement and internationalization of the brand, perfecting a project that grew organically in continuity and to best provide the curiosity of the enterprise and its founding shareholders,” stated Marco Carotenuto, taking care of director of Classidra SGR.
Bruno touted Harmont & Blaine’s human values and quintessentially Italian vogue proposition and stated his “long-time period goal is to open up up new enhancement prospects, consolidating the brand’s identification,” he stated.
Headquartered in Naples, Harmont & Blaine has 81 flagship retailers, as effectively as 75 shop-in-outlets and is carried by 469 suppliers throughout the world. In 2019, the corporation posted profits of 94 million euros and preceding CEO Pirone informed WWD earlier this year that 2022 revenues should really be in the exact same variety.
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