Made in Italy Fund sells sneaker maker Autry to Style Capital
Adds 2022 results in paragraph 5
MILAN, March 11 (Reuters) -Italian private equity firm Made in Italy Fund has agreed to sell Italian sneaker producer Autry International to Style Capital fund, the three companies said on Monday without disclosing financial details.
Milan-based private equity investor Style Capital will buy a 50.2% stake in the company known for its premium sneaker brand Autry while the Doro family, the founding shareholder, will retain a "significant" stake.
Quadrivio & Pambianco, owner of Made in Italy Fund, plans to reinvest in Autry through another fund.
Made in Italy Fund has achieved a capital gain of four times the value of its investment in the sneaker company it bought in 2021, it said without elaborating.
Autry, which has 750 multi-brand stores mainly in Europe, reported revenue of more than 110 million euros ($120.2 million) and core earnings exceeding 33 million euros in 2023, the statement said.
In 2022 Autry generated 85.7 million euros in revenue and core profit of 25.8 million euros, Quadrivio says.
The previous year, when Made in Italy Fund acquired Autry, the sneaker company reported revenue of 30 million euros and core earnings of 8 million euros.
Style Capital aims to accelerate Autry's expansion in Italy and abroad by opening more than 20 mono-brand stores.
($1 = 0.9154 euros)
Reporting by Cristina Carlevaro
Editing by Tomasz Janowski and David Goodman
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