January 28, 2020 / 6:02 PM / 20 days ago

Carlyle Group picks JP Morgan to sell Italy fashion brand Twinset: source

FILE PHOTO: A general view of the lobby outside of the Carlyle Group offices in Washington, May 3, 2012. REUTERS/Jonathan Ernst/File Photo

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

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