Made in Italy Fund sells sneaker maker Autry to Style Capital
11/03/2024 15:47
MILAN, March 11 (Reuters) - Italian private equity firm
Made in Italy Fund has agreed to sell Italian sneaker producer
Autry International to Style Capital fund, the three companies
said in a statement on Monday, without disclosing the financial
details of the deal.
Milan-based private equity Style Capital will buy a 50.2%
stake in the company known for its premium sneaker brand Autry,
while the founding shareholder Doro family will retain a
"significant" stake.
Quadrivio & Pambianco, owner of Made in Italy Fund, plans to
reinvest in Autry through another fund.
Made in Italy Fund has made a capital gain of four times the
value of its investment in the sneaker company it bought in
2021, it said without elaborating.
Autry, which has 750 multi-brand stores mainly in Europe,
reported revenues of over 110 million euros ($120.16 million)
and core earnings of more than 33 million euros in 2023, the
statement said. In 2021, when Made in Italy Fund acquired Autry,
the sneaker producer reported revenues of 30 million euros and
core earnings of 8 million euros in 2021, it said.
The statement did not mention Autry's 2022 results.
Style Capital aims to accelerate Autry's expansion in Italy
and abroad by opening more than 20 mono-brand stores.
($1 = 0.9154 euros)
(Reporting by Cristina Carlevaro, editing by Tomasz Janowski)
((cristina.carlevaro@thomsonreuters.com; +39 06 80307729;))