Holding di Partecipazioni Industriali SpA, which has been trying to sell the struggling sport brand since June 2001, has sold the operating businesses of the company Fila to Sport Brands International LLC, an affiliate of U.S. investment fund Cerberus, for $351 million in cash, plus the assumption of any financial debt incurred by the Fila group since Jan. 1 of this year and all of Fila’s trade debt.
Sport Brands will buy four Fila subsidiaries: Fila Nederland BV, Fila Sport SpA, Ciesse Piumini SRL and Fila USA Inc. in a deal slated to close June 30. This confirms reports that Cerberus was closing in on a deal that appeared in WWD.
HdP, which currently owns 91 percent of Fila Holding, said it will within six months launch an offer for all 8.6 million outstanding shares of the holding company at $1.12 a Fila ordinary share or American Depository Share.
"The offer, when launched, will be conducted by HdP with the aim to take Fila private and to turn it later to new activities and investments within the group strategic sectors," HdP said in a release.
As reported, HdP is selling off its fashion and textile interests to concentrate on its more lucrative publishing assets, which include the daily newspaper Corriere Della Sera. Last year, HdP sold Valentino to Marzotto, and in December, HdP chief executive Maurizio Romiti said he wants to sell the men’s wear label Joseph Abboud, now the company’s last remaining fashion asset.
"The board of directors of Fila Holding has approved the terms of the sale, taking into consideration besides the terms and structure of the Cerberus offer, various other factors including the Fila group’s economic results in recent years and the difficulties and uncertainties in achieving stable positive net results in the near future," Fila said in a statement.
Despite sponsoring athletes like tennis star Jennifer Capriati, Ferrari driver Michael Schumacher and skier Alberto Tomba, Fila hasn’t managed to capitalize on its high-profile brand and pull itself into the black. It has posted net losses for the last five fiscal years.
As of Dec. 31, Fila’s consolidated financial debt stood at $324.53 million. (Debt figure has been converted from the euro at current exchange.)
The annual Veuve Clicquot Polo Classic in Pacific Palisades this weekend drew Kate Hudson, Tracee Ellis Ross, Laura Dern and more. See pictures of the star-studded event on WWD.com. (📷: @chelsealaurenla) #wwdeye
In his new book “Hollywood Royale,” Andy Warhol’s Protégé Matthew Rolston celebrates the Eighties revival of Hollywood glamour. Featuring more than 100 portraits taken by Rolston from 1977 to 1993, the book contains photos of icons like Michael Jackson, Cyndi Lauper, and @drewbarrymore, pictured here in 1991. “Hollywood Royale,” out today, will be accompanied by an exhibition opening at Los Angeles’ Fahey/Klein Gallery on March 1. #wwdeye
"Nowadays when life is not so happy with everything going on in the world, I think people come to me for a little bit of whimsy and color and fun." - Designer Rebecca De Ravenel on her cult-favorite jewelry line. (📸 : @vsteves) #wwd40
“Everyone is talking about how the retail industry is struggling, but I think it’s an incredible time because brands who are doing something different and innovative are setting themselves up for the future,” said @adamgoldston, who founded the luxury athletic brand @apl with his brother @ryangoldsten. The Goldston’s are part of WWD’s 40 under 40: a group of industry notables. See the rest of the list on WWD.com. (📷: @vsteves) #wwd40
@eyeswoon blogger Athena Calderone debuted her first-ever cookbook, “Cook Beautiful,” which is heavily centered on the presentation and visual expression of food. Pictured here are her miso glazed carrots from the book. Get the recipe on WWD.com. (📷: @johnny_miller_) #wwdeye
“It’s passion that helps get anybody to a certain point and it’s what’s propelled me,” said Kith founder @ronniefieg, one of WWD’s 40 under 40: a group of industry notables who are changing the face of retail, fashion and beauty. Fieg, who opened a Manhattan flagship on October 7, began his career at age 13 as a stock boy and salesman for footwear chain David Z. “I think staying true to [my] beliefs, hard work and passion have gotten me to where [Kith] is today.” See the rest of the 40 at WWD.com. (📷: @vsteves) #wwd40
25-year-old @samweaving is about to break out this fall, starring in Netflix’s horror film “The Babysitter,” fittingly out today on Friday the 13th. That’s not the only place you’ll be seeing her, though — Weaving’s got a role Showtime’s “SMILF” and another alongside Frances McDormand and Woody Harrelson in “Three Billboards Outside Ebbing, Missouri.” Though she’s got a full plate at the moment, there’s one role she’s got her eye on: Marilyn Monroe. “I’m a little too young at the moment, but it’s on my bucket list,” the actress told WWD (📷: @dandoperalski) #wwdeye
BFF's Poppy Jamie and Suki Waterhouse celebrated the launch of their bag line Pop x Suki at Nordstrom last night. "The line is really about our friendship, and how we are so different but complement each other," said Waterhouse. 👯 (📷: Katie Jones) #wwdeye
After designing the new @louisvuitton and @bulgariofficial flagships and a @chanelofficial boutique opening in Japan, @petermarinoarchitect has another project on his plate: The Lobster Club. Located in the Seagram Building, it’s the famed architect’s first restaurant project in New York, serving up modern Japanese brasserie-style cuisine. Bronze hues, bespoke material detailing, blush and chartreuse tones and a heavy emphasis on Picasso can be seen throughout. Mark your calendars for Nov. 1 for the much-anticipated opening. (📷: @clint_spaulding) #wwdeye