Miroglio acquires 15 retail outlets in Italy

Miroglio, an Italian company specialising in the production and distribution of ready-to-wear clothing, has recently finalised an agreement to acquire 15 retail outlets in Italy, along with the historical archive and licensing rights of Trussardi, a renowned fashion house established in 1911, distinguished by a greyhound emblem. While specific financial details of the transaction were not disclosed, this move marks a significant development for the family-owned group, known for managing nine popular women’s clothing brands like Elena Miro and Motivi.

Maintaining Trussardi’s autonomy as an independent brand, Miroglio’s acquisition signals a strategic entry into the premium market segment. This strategic move also paves the way for Miroglio to broaden its scope by venturing into men’s apparel and the leather goods sector.

In a formal announcement, CEO Alberto Racca described the acquisition as advancement in their growth and diversification strategy. With plans to revitalise Trussardi, originally founded in Bergamo near Milan, Miroglio aims to implement a growth strategy across multiple channels, focusing on markets in Italy, Eastern Europe, and the Middle East.

Reports from Corriere Della Sera revealed that Palazzo Trussardi, an iconic building adjacent to Milan’s La Scala opera house acquired by Trussardi in 1996, is set to be returned to the family. Discussions suggest potential rental arrangements, with interest expressed by notable entities like LVMH from France.

Following the majority acquisition of Trussardi by Italian turnaround fund Quattro R in 2019, with a substantial injection of € 50 million (US $ 54.7 million), efforts were made to revitalise the brand. Headquartered in Alba, alongside renowned brands like Nutella maker Ferrero, Miroglio operates over 1,100 single-brand stores primarily in Italy, with additional presence in Turkey and the Middle East. With revenues exceeding € 500 million last year and a core profit surpassing € 30 million, Miroglio’s strategic move signifies a significant milestone in its expansion and diversification journey.