Carlyle Group is nearing a deal to sell Italian premium fashion brand Twinset to domestic investment firms Borletti Group and Quadrivio, according to a report by Reuters citing two unnamed people with knowledge of the matter.
The transaction, expected to be finalised in the coming days, will reportedly value the Modena-based brand at just under €200m ($224m) on an enterprise basis. The deal would mark an exit for Carlyle after more than a decade of ownership.
Carlyle, advised by Rothschild, began exploring a sale of Twinset in 2023. The brand, known for its romantic and feminine aesthetic, was founded in 1987 by Simona Barbieri and Tiziano Sgarbi. It has roots in Italy’s Emilia-Romagna region, historically known for its concentration of small-scale knitwear manufacturers.
Carlyle first acquired a 72% stake in the company in 2012, later increasing its holding to 90% in 2015. By 2017, the firm took full control, acquiring the remaining 10% from Barbieri. During its ownership, Carlyle invested heavily in expanding Twinset’s international retail footprint and broadening its product lines.
According to Italian financial daily Il Sole 24 Ore, which first reported on the exclusive talks earlier this year, Twinset generated revenues of just over €200m in 2023, with EBITDA of approximately €34m.
All parties involved — Carlyle, Borletti Group, Quadrivio, and Rothschild — declined to comment.
If completed, the sale would provide Carlyle with a full exit from the fashion brand.
