MILAN — Storied Italian men’s wear company Boglioli is changing hands.
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. Financial details of the transaction were not revealed.
According to its web site, the Madrid and Barcelona-based PHI Industrial eyes majority stakes in companies with revenues of between 20 million and 250 million euros, or $22.2 million and $277.8 million at current exchange rates, located in the European area and engaged in “any activity sector other than the financial and real estate sectors.” The fund operates with a long-term commitment, it states.
The arrival of a new owner and fresh capital will allow Boglioli to present a plan for a voluntary arrangement with creditors, “with a view to starting out anew with a solid growth plan, also looking to grow on international markets,” the company said Thursday.
The first such step will be Boglioli’s return to Pitti Uomo with the spring 2018 collection designed by the in-house team. Creative director Davide Marello left the brand after the presentation in Milan of the fall collection. Marello was tapped in 2015 and he was the first to hold such a role at the company.
Andrea Perrone will continue as chief executive officer of Boglioli. “We have put a great deal of effort in the last few months to guarantee that the company could continue operating as a going concern,” said Perrone, who was appointed ceo last October. He succeeded Giovanni Mannucci, who went on to Pal Zileri.
As reported in January, Wise had given a mandate to Fineurop Soditic for the sale of Boglioli and, to guarantee the company’s continuity, sources said it was filing a petition for composition with creditors. Wise SGR first took a 70 percent stake in Boglioli in 2013.
Boglioli is based in Gambara, near the Italian city of Brescia. The latest figures available peg revenues in 2015 at 24 million euros, or $26.6 million at average 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 $16.6 million.
During the presentation of the collection for fall 2017 in Milan in January, Perrone said the company’s intention was to expand outside of Italy, with a particular focus on the U.S, where a store recently opened in Miami at Brickell City Centre, following the opening of a boutique in New York at the end of July last year.
The Boglioli deal is only the latest one in the sector. Other acquisitions in men’s wear include the sale of Pal Zileri to Qatar-based Mayhoola Group in 2014 and of Corneliani to Bahrain-based Investcorp last year. Before that, Brioni was sold to Kering (then PPR) in 2011, and Caruso sold a 35 percent stake to Hong Kong-listed Chinese conglomerate Fosun International Ltd. in 2013.
More From WWD: