MILAN — Storied Italian men's wear company Boglioli is changing hands.Private equity fund Wise SGR, which held a 98 percent stake in Boglioli, has accepted an offer made by international fund PHI Industrial Acquisitions to buy the clothing firm. Financial details of the transaction were not revealed.According to its web site, the Madrid and Barcelona-based PHI Industrial eyes majority stakes in companies with revenues of between 20 million and 250 million euros, or $22.2 million and $277.8 million at current exchange rates, located in the European area and engaged in "any activity sector other than the financial and real estate sectors." The fund operates with a long-term commitment, it states.The arrival of a new owner and fresh capital will allow Boglioli to present a plan for a voluntary arrangement with creditors, "with a view to starting out anew with a solid growth plan, also looking to grow on international markets," the company said Thursday.The first such step will be Boglioli's return to Pitti Uomo with the spring 2018 collection designed by the in-house team. Creative director Davide Marello left the brand after the presentation in Milan of the fall collection. Marello was tapped in 2015 and he was the first to hold such a role at the company.Andrea Perrone will continue as chief executive officer of Boglioli. “We have put a great deal of effort in the last few months to guarantee that the company could continue operating as a going concern," said Perrone, who was appointed ceo last October. He succeeded Giovanni Mannucci, who went on to Pal Zileri.
Perrone joined Brioni in 2005 and became ceo of the men’s wear company a year later, leaving in 2010. He then joined Ferrari SpA in 2011 as senior vice president of the brand and was ceo of Ferrari Brand SpA from 2013 until 2015. He has been a member of the board of Boglioli since 2013, as a director of Wise, and became senior adviser of the Wisequity III and Wisequity IV funds in 2016.
As reported in January, Wise had given a mandate to Fineurop Soditic for the sale of Boglioli and, to guarantee the company's continuity, sources said it was filing a petition for composition with creditors. Wise SGR first took a 70 percent stake in Boglioli in 2013.Boglioli is based in Gambara, near the Italian city of Brescia. The latest figures available peg revenues in 2015 at 24 million euros, or $26.6 million at average exchange rates.An industry source said Boglioli last year operated at a loss, “mainly due to write-downs, but this has been abundantly covered by the company’s patrimony and the contribution of shareholders.” As of Dec. 31, net debt stood at 15 million euros, or $16.6 million.During the presentation of the collection for fall 2017 in Milan in January, Perrone said the company’s intention was to expand outside of Italy, with a particular focus on the U.S, where a store recently opened in Miami at Brickell City Centre, following the opening of a boutique in New York at the end of July last year.The Boglioli deal is only the latest one in the sector. Other acquisitions in men's wear include the sale of Pal Zileri to Qatar-based Mayhoola Group in 2014 and of Corneliani to Bahrain-based Investcorp last year. Before that, Brioni was sold to Kering (then PPR) in 2011, and Caruso sold a 35 percent stake to Hong Kong-listed Chinese conglomerate Fosun International Ltd. in 2013.More From WWD:James Corden Is Getting an Encore Next YearPerry Ellis Stock Jumps as Profits Fall, but Top ExpectationsKérastase Opens First U.S. Institute
Harrods plans to remove the famous statue of Princess Diana and Dodi Al Fayed from the bottom of the Egyptian escalators and hand it back to Mohamed Al-Fayed. “We are very proud to have played our role in celebrating the lives of Diana, Princess of Wales and Dodi Al Fayed at Harrods and to have welcomed people from around the world to visit the memorial for the past 20 years,” said Michael Ward, Harrods managing director. “With the announcement of the new official memorial statue to Diana, Princess of Wales at Kensington Palace, we feel that the time is right to return this memorial to Mr. Al Fayed and for the public to be invited to pay their respects at the palace.” More on the news, with reporting by @loreleimarfil, at WWD.com. #wwdnews
@prada is introducing a new project at its men’s fall 2018 show this Sunday: “Prada Invites.” The fashion house invited four celebrated creative minds – @ronanaerwanbouroullec, Konstantin Grcic, @herzogdemeuron and @rem.koolhaas – to each create a unique item with its iconic nylon material. The designs will be unveiled on the runway show, which will take place at the company’s warehouse in Viale Ortles 25. #wwdfashion #mfwm (📷: @martinocarrera)
@kering_official is spinning off its stake in puma in an effort to focus on its luxury brands, the brand operator announced yesterday. “We are proud to have supported the turnaround of Puma, which now has unrivaled capabilities to take full advantage of the specific dynamics of its global markets and is poised to achieve substantial growth,” said François-Henri Pinault, Kering’s chief executive officer and chairman. Artémis will become a “long-term strategic shareholder” of Puma with a 29 percent stake. #wwdnews #wwdfashion (📷: @jilliansollazzo)
The fashion world mourns for celebrated street style photographer, Nabile Quenum, who died at age 32 in Paris.
Quenum, creator of the fashion blog “J’ai Perdu Ma Veste,” was a fashion week fixture, and regularly shot for New York magazine’s The Cut, among other outlets, and brands such as Louis Vuitton, Moncler and Adidas. He was also actively involved in the #NoFreePhotos initiative, which kicked off in the fall. Read more about Quenum in @kbsmoke's story on WWD.com. #wwdnews
@verwanggang and @maisonladuree have teamed up on a dessert collab called Vera Wang Pour Ladurée. The collection, which launched this week, features a specialty macaroon, as well as a wedding cake inspired by one of the designer’s gowns. “I could not imagine a more delicate or sophisticated creation to grace any couple’s celebration,” said Wang. #wwdfashion