US-based private equity group Carlyle Group has taken control over Italian fashion brand TWINSET by acquiring the remaining 10 per cent stake of the label.
Earlier, Carlyle bought 72 per cent of the fashion brand in 2012 and went on to raise its stake to 90 per cent in 2015 to oversee the Group’s retail expansion. The company bought the remaining stake from Simona Barbieri, Founder, TWINSET, who will step down as the affordable luxury label’s Creative Director.
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It may be noted here that sales at TWINSET surged 1.8 per cent year-on-year in the first nine months in last year to Euro 203.6 million (US $ 216 million). However, its full-year results are still not revealed.
Founded in Carpi in northern Italy that was hit hard by competition from low-cost producers, TWINSET established its brand by tapping into growing consumer appetite for accessibly priced luxury goods.
