Style Capital to finalise acquisition of Autry

Specializing in premium fashion, Style Capital is poised to add another prestigious brand to its portfolio. The Italian fund led by Roberta Benaglia, which recently divested the Australian label Zimmermann for a valuation of 1.7 billion Australian dollars (1 billion euros), is on the brink of acquiring the majority stake in the Autry sneaker brand. Autry was acquired in 2021 by the Made in Italy investment fund, overseen by the Quadrivio Group in collaboration with the communications agency Pambianco.
 

“We are currently in the final phases between signing and closing,” confirmed Roberta Benaglia, noting that the company is valued at 300 million euros. “It’s a brand with an intriguing price positioning, bridging the gap between classic sportswear brands and luxury, with products priced around 200-300 euros.”

Established in Dallas in 1982, initially focusing on running, tennis, and basketball shoes, the brand experienced success before fading into obscurity. Acquired in 2019 by Italian entrepreneurs Marco Doro, Alberto Raengo, and Gino Zarelli, it has since experienced a resurgence with offerings for women, men, and children.

“It was a sleeping beauty with a rich heritage that has been revived with an authentic vision. It benefits from a discerning and robust selective distribution,” continued the founder of Style Capital, who has previously achieved success with the development of another sneaker brand, Golden Goose, which has since been sold and is now under the ownership of Permira.
 
“The deal with Autry aligns perfectly with our capabilities. Their primary expansion has been in Europe and wholesale, with a notable absence in international markets. We can facilitate their expansion into the United States and Asia, as well as enhance their digital and retail presence,” stated Benaglia, outlining Autry’s economic profile.

“Revenue for the fiscal year ending in March 2024 totals 114 million euros, with EBITDA (earnings before interest, taxes, depreciation, and amortization) standing at 34 million, compared to 85 million and 26 million euros respectively in the previous fiscal year.”

The Italian fund presently holds the majority stake in the French label Sœur, the Italian brands Forte Forte and Giuseppe di Morabito, as well as the Florentine retailer LuisaViaRoma. It also maintains investments in MSGM, Re/Done, and Zimmermann, retaining a 15% stake.

Roberta Benaglia, who has previously invested in and successfully divested Twinset, attended the debut runway show at Milan Fashion Week last February for the Italian ready-to-wear brand, currently owned by Carlyle, which is currently up for sale.

“We have a strong affinity for this brand. Certainly, we are closely monitoring its developments as it is a company we know very well,” she hinted.