MILAN — Pan-Asian investment fund Crescent HydePark has taken control of Sixty SpA, according to sources in Milan. Details about the transaction were not available at presstime, but sources indicate that the structure of the fashion group will not be overhauled in an effort to provide continuity. Crescent HydePark is headquartered in Shanghai and Singapore. Wichy Hassan, creative director and co-founder of Sixty, died in December, and sources at the time speculated about the future of the company, as a new production and distribution partnership with Chinese manufacturer Trendiano Co. Ltd. was announced hours before Hassan’s death. There is no relation between Trendiano and Crescent HydePark.
The global recession put a dent in Sixty’s success over the past couple of years. Sales in 2011 dropped to 300 million euros, or $417 million, from more than 500 million euros, or $695 million, in 2009.
Dollar amounts have been converted at average exchange for the periods to which they refer. Debt is also estimated to stand at about 300 million euros, or $430 million at current exchange, despite a recent capital increase of 40 million euros, or $57.3 million.
Starting out as a retailer in Rome in 1983 with a store called Energie, which carried cool, hard-to-find and international brands, Hassan built a fashion conglomerate with the help of co-founder Renato Rossi. In addition to the Miss Sixty, Energie and Killah brands, the two friends took control of the RefrigiWear and Murphy & Nye brands in the Nineties, followed by accessories label Roberta di Camerino in 2008.
Sixty’s offices are located in Rome, but its manufacturing plant is based in Chieti, Italy.