Trussardi, in difficulty, begins its restructuring
Trussardi is struggling to get back on track. Bought in 2019 by the Italian asset management company QuattroR with a 60% stake, the Italian house positioned in accessible luxury has seen its situation worsen in recent weeks. Heavily in debt, it has had to resort to a safeguard procedure, according to a source close to the case.
This procedure was very recently introduced into Italian law, allowing companies in difficulty to preserve their operational capacity by calling on external expert to restore the company and negotiate a debt restructuring with creditors. According to market sources, the brand is estimated to be in debt of over 50 million euros.
The Bergamo-based consultancy firm 3X Capital was called in to help Trussardi. Its experts are currently managing the label, while the board of directors and CEO Sébastien Suhl have resigned. Employees have been laid off and several boutiques may be closed. The aim is to rationalise and reorganise the company so that it recovers its profitability, even if it means reducing its turnover.
According to our information, the artistic direction is still in place. But it may be called upon to review its creative process. Appointed in 2021, the duo Serhat Isik and Benjamin A. Huseby, who are behind the Berlin-based independent label GmbH, have rejuvenated Trussardi's image and created some visibility around the house with its first two Milan shows in February and September 2022. This season, the brand did not show on the runway, but instead opted for a presentation.
Last November, Trussardi reopened its headquarters in the heart of Milan, close to the famous La Scala opera house. The impressive seven-storey, 2,500 square metre building, which houses the brand's headquarters and showroom, as well as its flagship store, a restaurant and a café, has been completely renovated.
The historic ready-to-wear house, founded in 1911 by the Trussardi family, had been in difficulty for several years and was taken over by QuattroR just before the pandemic. In fact, it has never managed to get back on its feet. Recent logistical problems in distribution and production have only aggravated an already precarious situation, especially in a context of increased competition, which has become more acute with the current economic situation (inflation, energy crisis, war, etc.). Neither the house nor the fund owner wishes to speak out.
Copyright © 2023 FashionNetwork.com All rights reserved.
