MILAN, July 1 (Reuters) - 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