The Carlyle Group said Wednesday it had agreed to acquire a 48 percent stake in Moncler SpA, the holding entity of the Moncler Group, which manufactures high-end sportswear under the Moncler, Henry Cotton’s, Marina Yachting and Coast, Weber & Ahaus brands and holds the license for Cerruti.
Financial terms of the deal were not disclosed, although a spokesman for Carlyle said Moncler’s total enterprise value stood at 460 million euros, or $713.7 million at current exchange.
Moncler chairman Remo Ruffini will continue to lead the company and maintain his 38 percent holding, while shareholders Mittel Private Equity, Progressio Sgr and ISA SpA will reduce their combined 61 percent stake to 13.5 percent and Moncler management will halve theirs to 0.5 percent. The transaction is expected to close by the end of the year, subject to regulatory approval.
“Moncler is a historic sport luxury garment brand that has returned to play a relevant and prestigious role in the market,” Carlyle managing director Marco De Benedetti said. “Moncler succeeded in its development thanks to the unique talent and extraordinary job of Remo Ruffini, of all the management team and to Mittel’s support in the last years. Starting from today, as shareholders of the company, we will support Moncler with strategic vision and the means necessary to maximize the important global development opportunities for Moncler and the other brands of the group.”
Ruffini took a majority holding in Moncler in 2003, while Mittel, Progressio and ISA invested in the company two years later. Together, they increased Moncler’s turnover by 17 percent annually, last year generating net profits of 18 million euros, or $24.7 million at average exchange, on revenues of 253.7 million euros, or $347.8 million — 40 percent of which came from outside Italy. For the current year, consolidated sales are projected to hit 290 million euros, or $450 million at current exchange, while earnings before interest, taxes, depreciation and amortization are set to exceed 50 million euros, or $77.6 million.
“I am grateful to my shareholders for their support received through these years of hard work in relaunching Moncler,” Ruffini said. “I am now very enthusiastic to have Carlyle as a shareholder to face the new challenges of growth together.”
Carlyle, which lost out to Permira for Valentino Fashion Group SpA last year and which is believed to have tabled an unsuccessful bid for Roberto Cavalli SpA in July, made the investment in Moncler via its third pan-European buyout fund, the 5.35 billion euro ($8.3 billion) Carlyle Europe Partners III, which closed in 2007.
Moncler distributes its products in high-end shops and department stores in Italy and globally, and through six own-brand boutiques in Crans sur Sierre and St. Moritz in Switzerland, Paris and Megeve in France, and Courmayeur and Cortina d’Ampezzo in Italy. Further Moncler-branded boutiques are slated to open in the next 12 months in Milan; Gstaad, Switzerland, and Aspen, Colo.�
“Azzedine has been one of the biggest influences in my life. He has always been such a strong, loving, fatherly figure to me. I call him Papa. His designs are indescribably unique, they are pieces of art. He knew how to make the female form look its loveliest. I have so many memories of him; my favorite might be during my first show with him in Paris. He liked me and he wanted to help me get more work. He called all his friends at Kenzo and Comme des Garcons, and asked them to book me. They said, ‘But she can’t walk!’ And he said, ‘but she has such a great ass!' His friendship and support has been the great privilege of my career. I can't imagine life without him. Repose en paix mon Papa.” - @stephanieseymour tells @wwd. #wwdfashion (📷: @steveeichner) #alaia #azzedinealaia
Azzedine Alaïa, flanked by two of his closest friends, models Stephanie Seymour and Naomi Campbell.
He designed Seymour’s dress for her 1995 wedding to Peter Brant, and treated Campbell (who famously called him Papa), like a daughter. For more on the legendary designer, tap the link in bio. #wwdfashion #alaia #azzedinealaia
Azzedine Alaïa's “I-did-it-my-way” ethos stood out starkly at a time when brands are experimenting with consumer-facing fashion shows, coed formats and trans-seasonal collections – anything to perk up lackluster sales of ready-to-wear in an age of Insta-everything. “It’s not creation anymore. This becomes a purely industrial approach,” the late designer told WWD in an interview last year. “But anyway, the rhythm of collections is so stupid. It’s unsustainable. There are too many collections.” Read more about the iconic designer’s life and work on wwd.com, link in bio. #wwdfashion #azzedinealaia (📷: @WWD Archive, 1986) #alaia
Sneaker reselling app @goat’s latest exhibit, "The Greatest: New York," tells the story of New York's sneaker culture. To celebrate the exhibit, an intimate crowd gathered on Thursday night at the pop-up gallery space, located at Platform in Culver City, to hear guest speaker and illustrator @esymai talk about her own rise in streetwear and women in the business. "For me I'm just someone who is creative. I like to create things," said Chang. #wwdfashion
Azzedine Alaïa, one of the most iconic couturiers of the modern era whose body-con designs defined Eighties fashion, has died in Paris. The diminutive Tunisian-born designer, known for his structured knitted dresses with fitted waists and impeccably cut, figure-hugging second skin silhouettes was deeply admired by his peers, and counted supermodel Naomi Campbell - his adoptive daughter - among his inner circle, one of a gang of glamazons including Farida Khelfa, Carla Bruni and Stephanie Seymour who became ambassadors of his style. (📷: Alexandre Guirkinger) #wwdblast