Harmont & Blaine: investment firm Clessidra acquires stake; changes in management
today Oct 31, 2014
Clessidra is purchasing a 35% stake in Harmont & Blaine. The agreement with the investment firm, which was founded by Claudio Sposito and whose Vice-President Francesco Trapani is the former head of Bulgari, has been finalized, according to the mid to high-range apparel company that sells products for men, women and children.
Investment firm Clessidra will become the largest shareholder in the Italian, Naple-based fashion company, which generated 71 million euros in turnover in 2013. The remaining 65% of shares remain in the hands of its founders: Domenico Menniti and his brothers, Enzo Menniti and Massimo Paolo Montefusco.
The investment firm Clessidra will become the largest shareholder in the Italian, Naple-based fashion company, which generated 71 million euros in turnover in 2013. The remaining 65% of shares remain in the hands of its founders: Domenico Menniti and his brothers, Enzo Menniti and Massimo Paolo Montefusco.
Domenico Menniti will retain his role as President. Meanwhile, Riccardo Bruno, a partner of Clessidra, has been named Vice President, and Giulio Guasco has been named the company’s new CEO.
Guasco, who started his career at Procter & Gamble, where he remained from 1990 to 2004, previously worked for the Italian textile company Miroglio as Director of its ready-to-wear division. He has also held senior positions at the Tod’s-owned brand Fay Tod's as well as at Ralph Lauren.
Clessidra’s investment in the Neapolitan fashion company was made possible through an increase in reserved capital, the amount of which has not been disclosed.
The agreement should "provide the necessary resources for the international development of the company, which plans to significantly increase its turnover within the next three years, attaining the level necessary to tackle foreign markets while promoting a balance between revenues from Italy and abroad," said Harmont & Blaine, 80% of whose sales are currently made in Italy.
The expansion plan anticipates significant growth of the brand "on the Asian market, in continental Europe, and in the US (north, center and south). In total, almost 60 million euros will be invested in retail development in the next three years," said the company.
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