PARIS — Kering said Wednesday it has finalized the sale of Sergio Rossi to European investment house Investindustrial, in accordance with the terms revealed on Dec. 9.
Financial terms were not disclosed. The transaction includes the Italian luxury shoe label’s trademark rights and distribution network, as reported.
Financial sources had pegged the selling price at between 40 million and 50 million euros, or $43.8 million to $54.8 million, which includes the brand’s factory outside Florence.
Sergio Rossi was one of the French group’s smallest subsidiaries, overshadowed by larger brands such as Gucci, Puma and Saint Laurent. The footwear company failed to live up to its potential within Kering’s portfolio, with Rossi himself leaving, and the brand seeing a revolving door of managers and designers.
Investindustrial’s portfolio of brands includes Aston Martin, B&B Italia and Flos.
Sergio Rossi has more than 80 stores — both directly operated and franchises — mainly in Europe, the Middle East and Asia, the U.S., Southeast Asia and Japan, along with wholesale distribution to such retailers as Saks Fifth Avenue, Barneys New York, Lane Crawford and Harrods.