Cash-strapped luxurybrandsmaysleep
a littleeasier thisautumnasprivateequity
groupscontinue toshare the love.
Control ofMilan’supscale linensmaker
FrettehasbeenacquiredbyLondon’s
ChangeCapital Partners inabid to revive
the 150-year-oldcompanyadoredbymany
of the tophotels.
Privateequitygroups’ interest in luxury
brands–particularly Italianones–has
pickedupafter the lull that followed2008’s
financial crash. ThisyearNewYork’s
Blackstonebought a20per cent stake
inVersace, alsobased inMilan, after
acompetitivebiddingprocessorchestrated
by thecontrollingVersace family. This
follows thepurchaseof astake inBologna
designerElisabettaFranchi byLondon-
basedTrilantic.
WithFrette, ChangeCapital Partners
hopes to replicate itssuccess in revamping
Jil Sander, theHamburg-founded fashion
label it bought fromPrada in2006andsold
toJapan’sOnwardHoldings twoyears later
formore than three times its investment.
Frettewas founded inGrenoble in 1860by
EdmondFrette, thesonof a fabricdyerwho
later established thebusiness inTuscany. It
was family-owneduntil 1999. Itwasbriefly
ownedbyFin.part, the Italiangroup that
ownedCerruti, and from2004 itwasowned
by theUS’sJHPartners, thecompany
behind lingeriebrandLaPerla.
Changewill bankrollmoreFrette
boutiquesandabroader range. The
brandhas just openedanopulent
store inVenice.
changingthesheets
the
numbers
€30
bn
Theestimatedcost of
hosting the2018WorldCup
inRussia–more thandouble
theamountBrazil spent on
this year’s tournament.
€750
m
TheamountGermanyhaspledged
for theUN’sfledglingGreenClimate
Fund.The fund so far
has€41.2m,mainly
for administration
purposes. It aims
to start investing
incleanenergy
projects in2015.
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