Etro: founding family exits as Rams Global, Swinger International and Sri Group invest

Following recent speculation, an official statement has been released: the Etro family is exiting the company.

A consortium of industrial investors, comprising the Turkish company Rams Global, Mathias Facchini of Swinger International, and the banker Giulio Gallazzi via Sri Group, has acquired the minority stake previously held by the Etro family, in agreement with L Catterton. L Catterton remains the majority shareholder and will continue to actively support the brand's long-term growth strategy.

Faruk Bülbül, representing Rams Global, to be appointed chairman of the board of directors

The current chief executive officer, Fabrizio Cardinali, will continue to lead the execution of the strategic plan in close collaboration with L Catterton, Rams Global, and the new investors. Faruk Bülbül, representing Rams Global, will be appointed chairman of the board of directors. He will work closely with the CEO and shareholders to support the next phase of growth.

“Etro has built strong momentum in recent years, strengthening the brand and consolidating its operational and governance platform. We are pleased to welcome Rams Global, Mathias Facchini, and Giulio Gallazzi as long-term partners who bring valuable industrial expertise and global networks. Together with Fabrizio Cardinali and the management team, we will continue to execute Etro's strategic plan and accelerate its international growth,” commented Luigi Feola, managing partner at L Catterton Europe.

"The transaction aims to strengthen Etro's industrial and strategic capabilities, while also confirming strong external confidence in the brand's positioning and future potential,” a statement read. The financial terms have not been disclosed. However, the valuation is higher than that of L Catterton's original investment, confirming the value created since the initial investment, the management specified.

Through their respective platforms, Rams Global, Facchini, and Gallazzi have chosen to invest in Etro after identifying significant untapped potential in both existing and new markets.

New shareholders

Rams Global has over 36 years of experience across 11 business areas, ranging from luxury residences to hospitality and gastronomy. The company has an established international presence in numerous countries and major global cities.

Swinger International spa is an Italian fashion group specialising in clothing, footwear, bags, and accessories in the ready-to-wear and contemporary segments. The company manages its own brands, including the women's ready-to-wear brand Genny, as well as licensing collaborations with international fashion houses.

Giulio Gallazzi is the chairman and CEO of Sri Group, a private equity investor focused on SMEs. Under his leadership, Sri Group has made several strategic acquisitions and has become one of the main shareholders of the Banca del Fucino Group.

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