MILAN — Trussardi has not signed on a shareholder just yet, but negotiations with management company Quattro R SGR SpA continue, according to a well-placed source here.
A contract is expected to be finalized once an agreement has been reached with the pool of lenders, ranging from UniCredit to Intesa Sanpaolo banks, explained the source.
It is understood Quattro R is aiming at buying a majority stake, up to 80 percent of Trussardi.
Trussardi and Quattro R had no comment on the acquisition speculation.
As reported in October, Quattro R has been cited as a potential suitor of Trussardi, for years the target of merger-and-acquisition rumors. Quattro R, incorporated in 2016, manages a fund of more than 700 million euros and, according to its web site, it “targets Italian companies with solid business fundamentals despite temporary financial distress.” The fund, which includes Cassa Depositi e Prestiti controlled by the Minister of Economy and Finance, is headed by chairman Andrea Morante. Morante has a longstanding experience as an investment banker and in fashion, and he is chairman of Sergio Rossi as well as a former chief executive officer of Pomellato. This would be Quattro R’s first investment in fashion, as the company now has a stake in Italian transportation and logistics firm Fagioli.
The Trussardi Group reported sales of 154 million euros in 2017 and, in March, a group of six banks subscribed a financing operation for a total value of 51.5 million euros. On top of this, the Trussardi family stipulated a capital increase of 5 million euros.
The company has been focusing on the signature line and the Trussardi Jeans collection, simplifying the product offer and increasingly focusing on accessories, which in 2018 will account for 40 percent of business.
In April, Gaia Trussardi stepped down from the role of creative director at the Trussardi company. She had joined the family’s business in 2011 as creative director of the Tru Trussardi younger brand. In March 2013, she succeeded Umit Benan Sahin at the helm of the Trussardi main line, debuting with a leather-centered men’s collection for the spring 2014 collection. Word has it in Milan is that she will no longer hold a stake in the family company.
A successor hasn’t been named yet, and the Trussardi brand did not appear on the Milan Fashion Week calendar in September, nor is it on the men’s calendar in January.
Gaia Trussardi is the third of the four children of Maria Luisa Gavazzeni and the late Nicola Trussardi, who died in a car accident in 1999. In 2003, their second-born child Francesco also died in a car crash at age 29. The company was founded in 1911 by Nicola’s grandfather Dante Trussardi.
Gaia is the second member of the fourth generation of the family to leave the company. In 2016, her elder sister Beatrice sold her 25 percent stake to her brother Tomaso, who is ceo of the Trussardi Group, to Gaia and their mother Maria Luisa, the group’s president.
Beatrice Trussardi still manages the family’s real estate business, as well as the artistic Fondazione Nicola Trussardi.