MILAN — Caruso is receiving an injection of funds from Fosun, its Chinese partner since 2013. At the same time, Umberto Angeloni, chairman and chief executive officer of the Italian men’s wear company Raffaele Caruso SpA, is leaving his role this month.
He is succeeded by his eldest son Marco Angeloni, chief operating officer of the label, who joined the company in 2010. Marco Angeloni has an MBA from French business school Insead, and previously worked at Bain & Co.
While financial details were not disclosed, sources say Fosun has increased its stake from 35 percent to the majority in Aplomb Srl, Umberto Angeloni’s and Ruggero Mangoni’s holding company. This will allow to further expand business globally. The two partners will continue to hold a minority share in Caruso.
Angeloni, who spearheaded Brioni’s growth from 1990 until 2007 and turned it into a luxury lifestyle brand, bought the 35 percent stake in Caruso through Aplomb in 2008. Caruso at the time was a public company listed on the Milan Stock Exchange.
Angeloni was also instrumental in building the label, setting in motion a retail plan that included the opening of important flagships in New York and Milan, and conceiving a communication and lifestyle message revolving around “The Good Italian” concept.
Caruso was founded in 1958 in Soragna, outside the city of Parma, a one-hour drive from Milan. It produces men’s wear collections for leading fashion brands as well as its own Caruso and Uman brands, and counts 500 employees.
The changes take place against a challenging backdrop for Italian men’s wear companies. As reported, Canali is closing one of its factories and Boglioli is changing hands after presenting a plan for a voluntary arrangement with creditors. Private equity fund Wise SGR, which held a 98 percent stake in Boglioli, has accepted an offer made by international fund PHI Industrial Acquisitions to buy the clothing firm.