MILAN — Mayhoola Group has taken full control of Pal Zileri through the acquisition of 100 percent of parent company Forall Confezioni SpA, representing the fund’s commitment to expand the brand in the long-term.
As a result of the purchase, chief executive officer Paolo Roviera and general merchandising manager Stefano Gaudioso Tramonte are exiting the men’s wear company. Mayhoola said it would announce the appointment of a new ceo in September.
The investment vehicle backed by a private investor group from Qatar first took a 65 percent stake in Forall in 2014. Arafa Holding held the remaining 35 percent of the firm. Financial details of the transaction were not disclosed.
The Qatari investors are on a buying spree, following the acquisition of Balmain last month as they continue to actively build their fashion, retail and real estate portfolios in Europe. Mayhoola also controls the Valentino brand and has a stake in Anya Hindmarch.
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Founded in 1970, the Quinto Vicentino, Italy-based Pal Zileri was previously owned by a group of Italian entrepreneurs, including the Barizza, Bellet, Miola and Ghiringhelli families, along with the Egyptian Arafa Holding. Mayhoola bought its 65 percent stake in the company from the Italian investors.
In the Eighties, Forall collaborated with Luciano Soprani, Verri, Antonio Fusco, Krizia, Trussardi and Moschino to produce and distribute their men’s lines. The company went on to expand in the Nineties and developed Pal Zileri into a classic, highly crafted brand that employs top fabrics ranging from cashmere and guanaco to vicuna and is available in more than 70 countries.
Creative director Mauro Ravizza Krieger, who has worked with Caruso, Loro Piana, Herno and Luciano Barbera and whose first collection for Pal Zileri bowed in January 2015, was tapped to revamp the label.
Roviera, a former Ermenegildo Zegna Group executive, was hired to provide a management structure to a firm that was essentially modeled as a family company. His goal was to double Pal Zileri’s market share in five years and redefine its distribution network. Developing the U.S. market was also a top priority for the firm. Global revenues in 2015 totaled 80 million euros, or $88 million at current exchange.
Pal Zileri collections are made in Italy. The company leverages one production unit in Quinto Vicentino, Italy.