MILAN — Italian private equity fund Clessidra SGR on Thursday finalized its agreement to take a 35 percent stake in Harmont & Blaine SpA, which will be used to support the sportswear brand’s growth around the world and strengthen its managerial structure.
Giulio Guasco, who previously worked at Procter & Gamble, Fay, Miroglio and Ralph Lauren, was appointed chief executive officer and is expected to join the label sometime next month. Paolo Montefusco, the longtime designer of the brand, will hold the role in the interim and then become managing director. Domenico Menniti will remain president, while Clessidra partner Riccardo Bruno will be vice president.
In the next three years, a total of 60 million euros, or $76.3 million at current exchange, is earmarked for investments, mainly aimed at the development of the brand’s retail network and its expansion in Asia, continental Europe and North and Central-South America.
In 2013, Harmont & Blaine’s net profits more than doubled, reaching 4.9 million euros, or $6.4 million, up 157.8 percent from 1.9 million euros, or $2.4 million, in the previous year. Revenues climbed 17.7 percent, to 71 million euros, or $93.7 million.
Dollar amounts have been converted at average exchange for the periods to which they refer.
Men’s wear is the core business of the label, which is recognizable for its trademark dachshund logo and its stylish preppy looks.
Harmont & Blaine is based in Caivano, on the outskirts of Naples.