American private equity firm Carlyle Group has increased its stake in Italian fashion chain Twin-Set to 90 % and it has also appointed a new CEO: Alessandro Varisco.
Varisco will take over from Tiziano Sgarbi, the man who founded the company in 1990 alongside his wife and fashion designer Simona Barbieri. She will still be the company's creative director and has the remaining 10 % of shares. Carlyle acquired the first 72 % in 2012.
With the additional 18 % Carlyle has now acquired, it wants to continue Twin-Set's retail expansion. The brand currently has a 210 million euro turnover, with two thirds of that turnover generated in Italy. Twin-Set was founded on the Italian island of Capri and mainly focuses on consumers that want to buy affordable clothing with a luxurious appeal.