MILAN, July 1 U.S. private equity firm Carlyle
Group has raised its stake in Italy's Twin-Set to 90
percent and named a new chief executive, stepping up efforts to
promote the fashion brand's retail expansion.
New CEO Alessandro Varisco, who oversaw the relaunch of
quirky fashion house Moschino, takes over from Tiziano Sgarbi
who founded Twin-Set back in 1990 together with his wife,
fashion designer Simona Barbieri.
Barbieri, whose romantic style features laces and rouches,
remains Twin-Set's creative director and owner of the remaining
10 percent of the company. Carlyle had bought 72 percent of
Twin-Set in 2012.
"With the help of Simona and Alessandro, I renew Carlyle's
commitment to drive Twin-Set in its path of growth and
international development," Marco De Benedetti, Carlyle Europe
Partners' managing director and co-head, said in a statement.
No financial details were disclosed.
Founded in Carpi, a textile industrial district near the
northern Italian town of Modena that was hit by competition from
low-cost producers, Twin-Set has been able to tap into growing
consumer appetite for so-called accessible luxury.
Italy accounted for more than two thirds of Twin-Set's 2014
revenues of 210 million euros ($233 million).
Carlyle has also taken part in the re-launch of Italian
luxury down jacket maker Moncler, selling its stake a
year ago after a successful stock market listing.
($1 = 0.9018 euros)
(Reporting by Valentina Za; Editing by Mark Heinrich)