MILAN (Reuters) - U.S. private equity Carlyle Group has mandated JP Morgan as financial consultant to sell Italian fashion brand Twinset, a source close to the matter said on Tuesday.
The sale of the company, which is expected to report core earning of around 45 million euros ($50 million) in 2020, should take place in the second quarter of this year, the source said.
Carlyle bought 72% of Twinset in 2012 and went on to raise its stake to 90% in 2015. In 2017 it gained full control of the brand by buying the remaining 10% stake from founder Simona Barbieri.
In 2018 Twinset posted revenues of 231 million euros and adjusted core earnings of 41 million euros, down form 47 million euros in 2017.
($1 = 0.9014 euros)
Reporting by Elisa Anzolin, editing by Stephen Jewkes
Our Standards: The Thomson Reuters Trust Principles.