MILAN — A new suitor has emerged in LuisaViaRoma’s sale process, which is being conducted as part of the Italian e-tailer’s court-supervised “Concordato Semplificato” restructuring and judicial liquidation proceeding. The company filed for the procedure in March.
Italian fashion group Arav, the owner of John Richmond and Silvian Heach, said Thursday that it is actively looking into the LuisaViaRoma dossier and considering whether to submit an offer.
“LuisaViaRoma is a piece of Italian fashion history that succeeded in anticipating the future. We are a group that loves product and understands the supply chain: We want to seriously assess whether we can be the right custodians of its next chapter, while respecting its identity and the people who built it,” said Mena Marano, Arav’s founder and chief executive officer.
Established in 2002 by Marano and Giuseppe Ammaturo, Arav generates more than 50 million euros in aggregate revenues across 25 countries and has about 200 employees.
The potential offer would be financially backed by IGI Investimenti Group, an European industrial investment fund focused on Made in Italy companies that operates in the country through its Accelera Hub division.
The announcement adds a potential new bidder to the competitive sale process for LuisaViaRoma’s business, which had already received an irrevocable purchase offer from ATO SpA, a holding company backed by a pool of Italian investors with industrial backgrounds led by veteran fashion executive Paolo Corinaldesi, a former CEO of Woolrich and Filson.
In a first vote of confidence towards ATO SpA in July, the Florence Court greenlit the lease of the e-tailer’s business operations to LVR Srl, a newco established and promoted by the same investors, which has ensured business continuity until now.
Observers had widely expected the sale to go ahead with ATO SpA as the only bider. The Florence Court scheduled an auction for Nov. 12, with a starting bid price of 18.83 million euros. Offers must be submitted by Nov. 8.
LVR Srl’s existing lease of the e-tailer’s business is due to expire on Nov. 30, or earlier if the business is transferred to the successful bidder.
ATO SpA could not immediately be reached for comments on Thursday.
The latter company’s irrevocable purchase offer, reviewed by WWD, stands at 18.83 million euros and covers LuisaViaRoma’s brands, e-commerce and technology platforms, inventory, customer databases, contracts, goodwill, the FFW subsidiary, which operates its white-label e-commerce services, and the employees transferred with the business.
The consideration comprises 4 million euros in cash and 14.8 million euros in assumed liabilities, including selected bank and employee obligations, as well as certain tax and social security liabilities. As part of its offer, ATO SpA has also proposed a potential 3 million euro earn-out if cumulative earnings before interest, taxes, depreciation and amortization for the 2026 to 2029 period exceed 23 million euros. LVR Srl, the e-tailer’s current operator under the lease, would remain the designated entity managing the business.
The investors behind ATO SpA include two branches of the Marzotto family with Luca and Gaetano Marzotto directly involved; entrepreneur and manager Gian Luca Sghedoni, the current CEO of Litokol and former Kerakoll chief; Ettore Riello, an entrepreneur and manager partner of the Verona, Italy-based Riello dynasty of industrialists, and Luca Poggi, named partner and founder of law firm Poggi & Associati, among others.
Mariacarla Boscono starring in the “LVR Digital Runway” show.
Courtesy of LuisaViaRoma
When the lease was finalized in July, Corinaldesi was named executive chairman of LVR Srl, while LuisaViaRoma CEO Tommaso Maria Andorlini continued in his role.
Corinaldesi told WWD at the time that he expected LuisaViaRoma’s business to log sales of between 120 million euros and 140 million euros in 2027.
This latest development marks the culmination of a year of trying to safeguard the LuisaViaRoma business.
The first signs of turmoil emerged in July last year, when LuisaViaRoma revealed plans to streamline its business operations by shutting its unit and office in Milan.
A month later the company resorted to protection measures filed with a Florence court and the Italian Chamber of Commerce aimed at ensuring business continuity as it sought to restructure its debt and operations.
LuisaViaRoma’s former controlling shareholder, the Italian private equity fund Style Capital, exited the business after four years in December, leaving the multibrand e-tailer in the hands of CEO Andorlini, who gained control of 40 percent of LuisaViaRoma.
Last year, the CEO told WWD that his plan to reignite business included restructuring its debt, cost trimming and a rationalization processes, including a reduction in brand selection and stock-keeping units per brand, a process initiated in 2024.
However, as the company continued to feel the pinch of macroeconomic headwinds, dented consumer confidence and geopolitical instability, it was forced to place its ailing business’ future into the hands of the court-mediated “Concordato Semplificato” procedure.
The LuisaViaRoma business was established by Luisa Jaquin, who opened a small boutique on Florence’s Via Roma in 1929, planting the first seeds of the family company’s success.
When Style Capital invested 130 million euros through a capital increase in 2021 to acquire a 40 percent stake in the Florence-based multibrand e-tailer, Andrea Panconesi — Jaquin’s nephew — became chairman of the company. Yoox veteran Alessandra Rossi joined as CEO that year and was succeeded by Andorlini in 2023.
#Arav #Fashion #Group #Emerges #Suitor #LuisaViaRomas #Sale