The Etro family is reportedly about to exit the company it founded in 1968. The news was reported by various media outlets, which indicated the company will be restructured. Gefin, the Etro family’s holding company, currently with a stake of just under one third, is set to leave, and new industrial and financial partners will become shareholders.
The operation’s expected closing date is December 18. Etro has declined to comment.
Turkish high-end hospitality group Rams Global, with which Etro signed an agreement last year for the Etro Residences Istanbul project, is expected to be one of the new shareholders.
“The partnership with Rams Global,” said Etro CEO Fabrizio Cardinali last year, “marks the beginning of a long-term partnership aimed at promoting brand awareness and equity for a label with an extraordinary heritage and innovative, forward-looking spirit.”
“The goal is to extend our partnership with Etro beyond Turkey and into the global market,” said Devran Bülbül, president of Rams Türkiye.
Besides Rams Global, a pool of investors led by Mathias Facchini, founder of Swinger International, and including Sri Group, is also set to acquire a stake in Etro. The L Catterton investment fund will continue to hold a majority stake, which will however drop from the current 63.71% to 51%. L Catterton became majority shareholder in 2021, with Etro family company Gefin holding a 32.8% stake.
According to several sources, Fabrizio Cardinali is set to remain in charge of Etro. After the operation, the directors representing Gefin will leave Etro’s board, replaced by representatives of Swinger and Rams Global.
