Italian fashion group Miroglio buys Trussardi

Trussardi is about to be bought by Italian fashion group Miroglio. FashionNetwork.com anticipated the operation in January, citing Bloomberg sources, after months of rumours. According to sources close to the matter and asked by FashionNetwork.com, the Milan court has decided that the Italian luxury label will be sold to Miroglio.

The court reportedly made the decision a few days ago, and the sale is said to be relating to the brand name and some of the stores, and will involve some but not all Trussardi employees. Historic Palazzo Trussardi, in Piazza della Scala in the heart of Milan, is not expected to be sold, but will revert to the eponymous family.
 
The long-established ready-to-wear label was founded in Bergamo in 1911 by the Trussardi family. In 2019, Milan-based investment fund QuattroR bought a 60% stake in the company, taking control of the label. The remaining 40% is still owned by the Trussardi family. Trussardi commercialises men’s and women’s ready-to-wear and accessories, including belts, handbags and small leather goods.

The label, distinctive for its whippet logo, has long been the object of a protection procedure owing to financial difficulties. In March 2023, Trussardi was over €50 million in debt, and Bergamo-based 3X Capital, owned by Angelo Rodolfi, was called in to restructure the company. CEO Sebastian Suhl and designers Serhat Isik and Benjamin Alexander Huseby all left Trussardi in March 2023. As part of the reorganisation effort, the representatives of QuattroR and of the Trussardi family who were at the time sitting on the company’s board all stepped down. Despite the difficulties, Trussardi recently entered the real estate sector, and launched a sustainable line of hotel amenities with Groupe GM last October.
 
Fashion Network.com has contacted the Miroglio group, which owns nine brands, including Motivi and Elena Mirò, and operates 36 subsidiaries, but the group declined to comment. It was not possible to reach any representative of Trussardi for confirmation of the news or comments.

The Miroglio group was founded in Alba, Piedmont, in 1947. It operates internationally in the textiles and apparel sectors, especially across the entire womenswear supply chain, and in retail. The company is currently present in 22 countries where it serves 5 million customers, and has four factories.
 
The Miroglio group comprises three entities: Miroglio Fashion, which operates nine brands (Motivi, Elena Mirò, Oltre, Fiorella Rubino, Luisa Viola and Diana Gallesi, as well as Ipekyiol, Twist and Machka, managed in partnership with Ayaydin in Turkey and the Middle East), distributed via 1,100 monobrand stores and 1,700 multibrand retailers; Sublitex, specialised in transfer printing and in decorative films for architecture; and Progetto M360, which specialises in B2B services in the fields of apparel sourcing, prototyping, garment making and logistics.
 
The group has been led since 2019 by CEO Alberto Racca, with Giuseppe Miroglio, of the eponymous family’s third generation, as president. Giuseppe’s sister Elena is the president of Miroglio Fashion.