Ownership of Sergio Rossi shoes, an iconic Made in Italy brand, becomes Chinese. The Asian financial group Fosun has in fact reached an agreement to acquire the historic Romagna brand that Investindustrial is selling. The closing will be in July.
For some months now, the sale of the historic company, located in San Mauro Pascoli, has been under the spotlight. After a selection of potential buyers by the advisor Rothschild, Fosun emerged, which would have prevailed over Bally International, the American Marquee Brands and the Italian group Piquadro, which seemed to be the favorite until last week.
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Investindustrial took over Sergio Rossi 6 years ago from the French multinational Kering investing 100 million and with a valuation of around 80 million. Sergio Rossi closed 2019 with a turnover of 66.5 million, but still losing cash: with a negative Ebitda of 1.6 million and with a “red” also in the last line of the balance sheet. After 2020, hit by Covid, closed again with a loss, the coveted balance sheet is expected in 2021. Now Fosun, who has already taken over the French Lanvin in the sector, will have the task of relaunching it. The assessment would take into account the need to carry out a further turnaround on the Romagna company.