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Rams Global, Swinger International, and SRI Group acquire minority stake in Etro

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December 19, 2025

Iconic Italian luxury lifestyle brand Etro is entering a new phase of development. A consortium of industrial investors comprising Rams Global, Mathias Facchini (Swinger International), and banker Giulio Gallazzi (through SRI Group) has acquired the minority stake previously held by the Etro family. L Catterton remains the majority shareholder and will continue to actively support the brand’s long-term growth strategy.

Etro’s new investor consortium

The transaction is intended to strengthen Etro’s industrial and strategic capabilities, while underscoring strong external confidence in the brand’s positioning and future potential. Financial terms were not disclosed. However, the implied valuation exceeds that of L Catterton’s original investment, confirming the value created since it came on board.

Through their respective platforms, Rams Global, Facchini, and Gallazzi chose to invest in Etro after identifying significant untapped potential in both existing and new markets. These partners will contribute industry expertise, networks, and industrial know-how to support the next phase of international expansion and category development.

The current CEO, Fabrizio Cardinali, will remain a central figure in the company’s future, continuing to lead the execution of the strategic plan with the new investors. Faruk Bülbül, representing Rams Global, will be appointed chairman of the Board of
Directors and will work closely with the CEO and shareholders to support the next phase of growth.

Etro SS26
Etro SS26

Rams Global has over 36 years of experience across 11 business areas, from luxury residences to hospitality and gastronomy, with an established international presence in numerous countries and major global cities.

Swinger International S.p.A. is an Italian fashion group specialising in apparel, footwear, bags, and accessories in the ready-to-wear and contemporary segments. The company manages its own brands, including the women’s ready-to-wear label Genny, as well as licensed collaborations with leading international fashion houses.

Giulio Gallazzi is president & CEO of SRI Group, a private equity investor focused on SMEs. He has extensive experience in international business development, corporate finance, and corporate governance. Under his leadership, SRI Group has completed several strategic acquisitions and has become one of the main shareholders of the Banca del Fucino Group.

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Columbia opens first store in Puerto Rico

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December 19, 2025

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December 19, 2025

Columbia continues to strengthen its presence in the Caribbean with the opening of its first store in Puerto Rico, located at Plaza Carolina in San Juan. The opening, announced on November 25, 2025, marks a strategic step for the company in the Puerto Rican market and forms part of its regional expansion plan. The launch was backed by an initial investment of approximately $1.2 million, earmarked for infrastructure and merchandise.

Columbia

The project will also have a direct impact on the local economy, with the creation of more than 50 jobs, helping to strengthen the island’s retail ecosystem. The company emphasises that this initiative reinforces its commitment to local talent and to developing a robust and sustainable operation in Puerto Rico.

The new store spans 3,846 square feet, or about 357 square metres, and has been designed to deliver a comprehensive shopping experience for outdoor enthusiasts. The space brings together specialised ranges for trail running, fishing, hiking, and lifestyle, alongside technical footwear and accessories. All products are supported by Columbia’s proprietary technologies, designed to provide protection, cooling, warmth, and comfort across different environments and weather conditions.

As part of its commercial strategy, the store features a product mix of 60% menswear and 40% womenswear, with a continual refresh cycle through the twice-yearly introduction of new collections. This approach reflects the brand’s commitment to continuous innovation and to responding to consumer trends in the outdoor segment, including the global rise of trail running, a category that Columbia officially introduced this year to its regional assortment.

With this opening, Columbia reaffirms its goal of consolidating its position as one of the leading choices in Puerto Rico for consumers seeking reliable, high-performance products designed to support a range of outdoor activities. The Plaza Carolina opening therefore represents a new chapter in the brand’s expansion strategy in the Caribbean, strengthening its positioning and closeness to the local market.

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Zurich-based Skincode opens a pop-up in Portugal showcasing medical-grade dermocosmetics

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December 19, 2025

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December 19, 2025

Zurich-based Skincode AG- renowned for its 100% vegan, cruelty-free and paraben-free medical skincare products- has just opened its first pop-up in Vila Nova de Gaia. The launch took place on Wednesday, December 17, inside Farmácia Gaia Jardim, located in the Gaia Jardim Shopping Centre, specifically at 399 Avenida dos Escultores. The initiative marks a strengthening of Skincode’s physical presence in Portugal.

@skincode_portugal / Instagram

According to a statement issued by AICEP, the pop-up was entirely designed, produced and installed by the Portuguese company Decorpublic, based in Famões, Odivelas, which specialises in point-of-sale (POS) marketing and advertising decor solutions.

The statement also notes that the design of this debut pop-up store is intended to reflect the brand’s Swiss tradition, combining precision and purity with scientific excellence. It adds that, in creating the space, Decorpublic combined high-gloss lacquer finishes, crisp white surfaces, integrated lighting, and backlit displays. Decorpublic also states that the result captures Skincode’s clinically tested approach to dermocosmetics.

@skincode_portugal / Instagram

Skincode’s CEO and founder, Prinz Niclas Massalsky, said, “A big thank you to Farmácia Gaia Jardim for the honour of a fantastic collaboration, and to Decorpublic for producing and installing this impressive display/retail unit.” He said in another statement, “We couldn’t be happier and prouder.”

The Swiss dermocosmetics brand, headquartered in Zurich, is present in Portugal through pharmaceutical distribution channels and strategic physical points of sale. The Essentials (sensitive skin) and Exclusive (cellular anti-ageing) ranges can be found in pharmacies and parapharmacies such as Farmácia Triunfo, as well as through distribution networks such as Pharmashop. They are also available online in stores including Care to Beauty, Makeupstore.pt, and BeautyTheShop.

@skincode_portugal / Instagram

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November’s UK retail sales disappoint as official figures are released

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December 19, 2025

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December 19, 2025

Black Friday and all the discounts in the period leading up to it are supposed to boost retail sales, right? Well, not so much in the UK as official statistics on Friday showed that volume-wise, they actually fell by 0.1% in November ‍from ‌October. Analysts had expected ‌sales to rise by 0.4% month-on-month.

Reuters

Coming after they’d already fallen (again, month-on-month) in October by 0.9%, it wasn’t good news. The month also saw sales volumes fall as shoppers pulled back from online shopping specifically.

The Office for National Statistics figures aren’t as useful as they used to be — they frequently get revised up or down and the headline doesn’t include a value-based percentage anymore. Plus it focuses mainly on quarterly readings as it says monthly ones are too volatile.

Confused? Let’s try to make it clearer. As mentioned, sales volumes dipped marginally month-on-month despite understandable expectations of a Black Friday-driven rise.

Volumes rose 0.6% in the quarter up to and including November compared to the previous quarter (the three months to August). And the quarter was up 0.7% compared to same period in 2024.

Volumes were also down by 3% compared with their pre-Covid pandemic level in February 2020.

We’re told that clothing stores maintained a strong three-monthly performance.

Online retail grabbed a bigger share of overall sales but the numbers still dipped. The ONS said non-store retailing was down 2.9% for the month and 0.8% for the three months.

Jonathan Moyes, Head of Investment Research at Wealth Club, called it “another grim reading on the health of the UK economy. The credit for these numbers will surely go to the Chancellor, who spent much of the month running what little confidence the UK consumer had into the ground. Clearly consumers are hurting and higher taxes will only make matters worse, potentially hampering economic growth and risking an economic doom loop”.

And Jacqui Baker, head of retail at RSM UK and chair of ICAEW’s Retail Group, added: “Speculation around potential tax hikes and the wettest weather seen this year dampened retail sales in November. The drop in sales compounded a bleak start to the all-important Golden Quarter, not even Black Friday deals could entice shoppers to splurge ahead of Christmas, with the biggest fall in online.”

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