The pandemic has battered the company Raffaele Caruso, an Italian company specializing in very high-end men’s clothing, which notably supplies the largest luxury brands and saw its turnover fall by 40% last year. But its main shareholder, the Chinese Fosun Fashion Group, which has just bought Sergio Rossi, is ready to get involved. In a press release, he announced his intention to bail out the company located in Soragna, near Parma.
“Raffaele Caruso SpA, the financial creditors and the majority shareholder Fosun Fashion Group have stipulated a finalized agreement to overcome the effects of the pandemic and to revive the company, leader in the manufacture of high-end men’s clothing”, indicates a press release, specifying that the agreement provides, on the part of Fosun, the repurchase with a discount of the debts of Caruso as well as a “substantial increase of capital”, always financed by the Chinese.
The company does not give any quantified details on its current situation, nor on the amount of these investments. In her press release, she just explains “that following this operation, Caruso will no longer have any liabilities towards the banks and can count on adequate resources to implement its new industrial plan”. “We have been working on this operation for a year. We have been able to count on our shareholder, who is responsible, believes in the company and sees in the long term”, explains Caruso CEO Marco Angeloni. “This will serve to strengthen the capital and relaunch the business.”
The Italian house produces its own brand of men’s clothing Caruso, as well as the luxury men’s collections of several major international brands through the Fabbrica Sartoriale, its factory and workshops employing nearly 450 people. “It is the biggest productive reality of the high-end men’s jacket in Italy and probably in the world. We make thousands of pieces there for the catwalks of the big brands. And in the midst of a pandemic we have succeeded in diversifying into the jacket for women “, underlines the manager.
With regard to its Caruso brand, the company has revised its offer by expanding and infusing it with freshness, while strengthening its sales teams and agents. It has thus garnered new multi-brand customers and is preparing to open its very first single-brand store in Shanghai, as well as a space within the London department stores Harrods.
Beyond Caruso and Sergio Rossi, Fosun Fashion Group also owns the French house Lanvin, the Austrian brand Wolford, the American label St. John and the German Tom Tailor. In 2013, the group acquired a 35% stake in the capital of the historic tailor Raffaele Caruso, founded in 1958 and taken over in 2009 by the Italian entrepreneur Umberto Angeloni, father of the current CEO. In October 2017, Fosun rose to the capital by taking a majority stake.
All rights of reproduction and representation reserved.
© 2021 FashionNetwork.com