Kering says sale of Sergio Rossi finalized
31 Dec 2015
New York - Kering announced on Wednesday, December 30 that they have finalized the sale of Sergio Rossi to European investment firm Investindustrial. Earlier this month, FashionUnited reported that Sergio Rossi's parent company Kering had agreed to sell 100 percent of their capital to Investindustrial.
Now, the sale has been finalized for an undisclosed sum. The deal includes the rights to Sergio Rossi's trademark and distribution network.
According to financial sources, the deal is estimated to be between 43.8 million dollars and 54.8 million dollars.
Sergio Rossi was one of Kering's smaller companies that lagged behind more major luxury brands like Stella McCartney and Saint Laurent. Over time, the brand saw their share of troubles including the departure of namesake founder Sergio Rossi, in addition to a high turnover rate of managers and designers.
However, the brand is still profitable. They currently have 80 locations around the world including locations in Europe, the Middle East, Asia, the U.S., Southeast Asia, and Japan, in addition to wholesale distribution with Barneys New York, Saks Fifth Avenue, Lane Crawford, and Harrods.
A representative from neither Sergio Rossi or Investindustrial were immediately available for comment.