US private equity firm Carlyle Group is advancing with the sale of Italian fashion brand Twinset, asking potential bidders to submit non-binding offers, according to two sources close to the matter.
Carlyle, which appointed Rothschild as its financial adviser earlier this year, is targeting a valuation of around € 300-350 million, one of the sources said. Teasers have recently been sent to potential investors, the second source added.
In January, the newspaper Il Sole 24 Ore reported that the brand was exploring a sale and could attract interest from Asian investment groups.
Carlyle acquired 72 per cent of Twinset in 2012 and increased its stake to 90 per cent in 2015. In 2017, it gained full control of the brand by purchasing the remaining 10 per cent stake from founder Simona Barbieri.
In 2020, Carlyle attempted to sell the company, but the deal was postponed due to the pandemic. The brand, which focuses on womenswear with dresses priced at € 130 and above, is struggling to return to pre-COVID revenue and profit levels. Twinset posted a 2023 core profit of € 34 million on revenue of just over € 200 million according to reports.
