Boglioli Men's Fall 2017

MILAN — After the sale of Pal Zileri to Qatar-based Mayhoola Group and Corneliani to Bahrain-based Investcorp, Boglioli, another storied Italian men’s wear brand, is readying for a change in ownership.

Private equity fund Wise Sgr, which controls a 97 percent stake in the company, has given a mandate to Fineurop Soditic for the sale of Boglioli and said it expects the first expressions of interest by mid-February.

According to sources close to the matter, Boglioli filed a petition for composition with creditors on Jan. 18. This was seen as a necessary step to guarantee the company’s continuity, said one source.

Boston Consulting Group has been tapped to prepare a plan to relaunch Boglioli. A source with knowledge of the matter said that, according to this study, BCG expects a return to operating profitability this year.

Boglioli, based in Gambara, near the Italian city of Brescia, has not closed its fiscal year yet, so the latest figures available peg revenues in 2015 at 24 million euros, or $25.6 million at current exchange rates.

An industry source said Boglioli last year operated at a loss, “mainly due to write-downs, but this has been abundantly covered by the company’s patrimony and the contribution of shareholders.”

As of Dec. 31, net debt stood at 15 million euros, or $16 million.

A market source said “around 10 potential investors among Italian industrial groups and international funds are interested in the company and, of these, four or five more concretely so.”

Italian private equity Wise Sgr fund first took a 70 percent stake in Boglioli in 2013.

In October, Andrea Perrone was appointed chief executive officer at the company, succeeding Giovanni Mannucci, who went on to Pal Zileri.

Perrone joined Brioni in 2005 and became ceo of the men’s wear company a year later, leaving in 2010. He then joined Ferrari SpA in 2011 as senior vice president of the brand and was ceo of Ferrari Brand SpA from 2013 until 2015. He has been a member of the board of Boglioli since 2013, as a director of  Wise, and became senior adviser of the Wisequity III and Wisequity IV funds in 2016.

Boglioli is designed by creative director Davide Marello, who was tapped in 2015, and the first to hold such a role at the company.

During the presentation of the collection for fall 2017 in Milan earlier this month, Perrone said the company’s intention was to expand outside of Italy.

Reached on Monday, Perrone confirmed that the company’s focus is on the U.S., where a store in Miami just opened at Brickell City Centre, following the opening of a boutique in New York at the end of July last year.

Before Pal Zileri and Corneliani, other Italian men’s wear brands that changed hands or took in new investors include Brioni, sold to Kering (then PPR) in 2011, and Caruso, which sold a 35 percent stake to Hong Kong-listed Chinese conglomerate Fosun International Ltd. in 2013.

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