link.png Next step for Sergio Rossi as Kering sells shoemaker← Back

 
This morning it emerged that conglomerate Kering has sold luxury footwear label Sergio Rossi to Investindustrial, a European private equity group.
 
The future of the label has been up in the air for a while: talk about a potential sale surfaced in February, and in June it emerged that Investindustrial, which includes Aston Martin in its portfolio, was one of the firms interested in acquiring Sergio Rossi.
The sale has now been confirmed, with the deal to be completed within next few weeks. Kering has sold the entirety of the company over to Investindustrial, including the rights and distribution, which amounts to over 80 stores across the world. However, the financial details of the deal haven’t been disclosed.
 
Sergio Rossi is an Italian luxury brand, which was created in 1968, with a strong focus on craftsmanship. Kering acquired the label in 1999 as part of the conglomerate’s luxury goods division, but the business has been struggling for a while and CEO Christophe Méllard stepped down in 2014.
According to a statement published by Kering, this transaction is meant to ensure the “long-term development” of the shoemaker. In a statement, Andrea C. Bonomi, Senior Partner Investindustrial commented: "We have built an excellent relationship with Kering who has chosen us as the new owners for the brand. This choice makes us proud, as over the years Investindustrial, through numerous success stories (such as Ducati, Ruffino, PortAventura, Gardaland, Stroili), has  grown and developed brands with great tradition.”
 
The current design director, Angelo Ruggeri, was hired by the company in 2013. He recently created a collection of eco-friendly shoes as part of the Green Carpet Challenge as well as collaborating with Italian socialite Bianca Brandolini D’Adda.
The question is: is this sale to Investindustrial going to be enough to turn the Sergio Rossi business around? Time will tell.