MILAN (Reuters) – U.S. private equity firm Carlyle Group (NASDAQ:) is going ahead with the sale of Italian fashion brand Twinset and is asking potential bidders to submit non-binding offers, two sources close to the matter said Friday.
Carlyle, which chose Rothschild as its financial adviser earlier this year, is targeting a valuation of around 300 to 350 million euros, one of the sources said.
Teasers have recently been sent to potential investors, a second source said.
In January, Il Sole 24 Ore newspaper reported that the brand was exploring a sale and could attract interest from Asian investment groups.
Carlyle bought 72% of Twinset in 2012 and increased its stake to 90% in 2015. In 2017, it took full control of the brand by purchasing the remaining 10% stake from founder Simona Barbieri.
In 2020, Carlyle attempted to sell the company, but the deal was put on hold due to the pandemic.
The brand, which focuses on women’s clothing with dresses sold for 130 euros or more, is struggling to return to pre-coronavirus sales and profit levels.
Twinset achieved a core profit of 34 million euros in 2023 on a turnover of just over 200 million, Il Sole 24 Ore reports.
Rothschild declined to comment. Carlyle did not respond to a request for comment.
