Made in Italy Fund sells sneaker maker Autry to Style Capital (updated)
11/03/2024 16:54
(Adds 2022 results in paragraph 5)
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 on Monday without disclosing financial details.
Milan-based private equity investor Style Capital will buy a
50.2% stake in the company known for its premium sneaker brand
Autry while the Doro family, the founding shareholder, 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 achieved 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 revenue of more than 110 million euros ($120.2 million)
and core earnings exceeding 33 million euros in 2023, the
statement said.
In 2022 Autry generated 85.7 million euros in revenue and
core profit of 25.8 million euros, Quadrivio says.
The previous year, when Made in Italy Fund acquired Autry,
the sneaker company reported revenue of 30 million euros and
core earnings of 8 million euros.
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 and David Goodman
)
((cristina.carlevaro@thomsonreuters.com; +39 06 80307729;))