Trussardi said to appoint Citibank on stake sale
Trussardi, the Italian fashion house, is believed to be working with Citibank on a minority stake sale as part of a broader strategic review, people familiar with the company said.
Teasers have not yet been distributed to prospective buyers, two other people familiar with the company said, adding that the management has also yet to hold preliminary talks with interested parties.
One of these people said that the situation around Trussardi was getting "hot" following recent approaches from third parties. This follows a local news report in December that said the company had been approached by private equity.
However, the controlling family’s decision to pursue the minority stake sale was prompted by a need to revamp the Trussardi brand, the person said.
As reported, Trussardi generated EUR 150m in turnover last year.
A few years ago, management received an offer from a sovereign wealth fund, which valued Trussardi at 22x EBITDA, the person recalled, adding that at the time the family was adamant about remaining independent.
Since then Trussardi’s position in the marketplace has shifted, with the brand losing appeal among international fashion houses, said a second person of the people familiar.
The company was founded in 1910 by entrepreneur Dante Trussardi. Under his nephew Nicola Trussardi, the company expanded its brand; but following his death, the fashion house embarked on a new course. Today it is managed by Nicola Trussardi’s two daughters, Beatrice and Gaia, who serve as chairwoman and style director, respectively. Nicola’s son Tomaso is sales director.
Trussardi was not available for comment. Citigroup declined to comment.