MILAN (Reuters) – American private investment company Carlisle Group (NASDAQ:) is moving ahead with the sale of Italian fashion brand Twinset by asking potential bidders to submit non-binding offers, two sources close to the matter said Friday.
Carlyle, which appointed Rothschild as its financial adviser earlier this year, is targeting a valuation of 300-350 million euros, one of the sources said.
Teasers were recently sent out to potential investors, the second source said.
In January, Il Sole 24 Ore newspaper reported that the brand was considering a sale and that it could attract interest from Asian investment groups.
Carlyle bought 72% of Twinset in 2012 and increased its stake to 90% in 2015. In 2017, she took full control of the brand by purchasing the remaining 10% stake from founder Simone Barbieri.
Carlisle tried to sell the company in 2020, but the deal was put on hold due to the pandemic.
The women’s clothing brand, whose dresses sell for €130 and up, is struggling to return to pre-COVID revenue and profit levels.
Twinset reported core profits of 34 million euros in 2023 on revenues of just over 200 million, Il Sole 24 Ore reported.
Rothschild declined to comment. Carlisle did not respond to requests for comment.