PIANOFORTE PLAYERS: Mir Capital, a private equity fund formed by Gazprombank and Italian bank Intesa Sanpaolo to support the expansion of medium-size Italian and Russian companies, and LVMH Moët Hennessy Louis Vuitton’s private equity fund L Capital Asia, are said to be eyeing Pianoforte Holding with the goal of buying a stake in the company. The Italian group comprises fast-fashion accessories brand Carpisa, innerwear and beachwear brand Yamamay and swimwear brand Jaked.
This story first appeared in the June 27, 2013 issue of WWD. Subscribe Today.
As reported, Pianoforte Holding is aiming at raising its presence abroad, especially in Russia, the Middle East, Central America and the Far East, over the next three years. “The deal hinges on the support a new partner could contribute to the group’s plans to expand outside Italy, especially in Asia,” said a source. Gianluigi Cimmino, company board member and Yamamay and Carpisa chief executive officer, has said that Pianoforte may publicly list in 2015.
In 2012, Pianoforte posted sales of about 300 million euros, or $396.2 million at average exchange, up from 280 million euros, or $389.2 million, in 2011. Yamamay represented nearly half of the company’s sales last year.
While Intesa Sanpaolo has a 10 percent stake in Pianoforte, the Cimmino and Carlino families control the group. (Maurizio and Raffaele Carlino founded the Carpisa brand.) Yamamay is based in Gallarate, a 30-minute drive from Milan, and Carpisa is based in Nola, near Naples.