CASE CASSIOPEA advised Borletti Group and Quadrivio & Pambianco on the acquisition of 100% share capital of Twinset S.p.A.

CASE CASSIOPEA acted as exclusive M&A and debt advisor to Borletti Group and Quadrivio & Pambianco in the acquisition of Twinset S.p.A. (“Twinset”), a renowned Italian women’s fashion brand, from the global investment firm, the Carlyle Group. The transaction involves Borletti Group and Quadrivio & Pambianco, through its private equity-based Lifestyle Fund II, acquiring equal stakes in Twinset, with a shared commitment to support its future development. Among the co-investors, Narval Investimenti and the club deal of Ersel Banca Privata. Narval Investimenti will also support the Company in implementing its strategic plan and take a direct role on the Board of Directors of Twinset.

Founded in Carpi in 1990, Twinset has become a leading player in the affordable luxury fashion segment. Recognised for its romantic and bohemian aesthetic, the brand offers a comprehensive range of total-look collections.

In 2024, Twinset reported revenues exceeding €200 million, with an EBITDA of over €30 million. Approximately 40% of sales were generated through the wholesale channel, while the remaining 60% came from its mono-brand stores and digital platforms.

The brand operates more than 150 stores, both DOS and franchising, and collaborates with over 2,500 wholesalers. While Italy remains its core market, Twinset also has a solid presence in Spain, Germany, and the Benelux region.

Looking ahead, Borletti Group and Quadrivio & Pambianco aim to further strengthen Twinset’s position in the affordable luxury segment by boosting brand visibility through strategic investments in marketing and communications. The growth plan also includes optimising the existing retail network.

Additional strategic priorities include expanding the franchising and wholesale channels, as well as accelerating growth in online sales through both Twinset’s proprietary platform and external digital marketplaces. The strategic plan also provides for a broader international expansion, with a primary focus on Spain, France, and Eastern Europe, along with the ambition to enter the U.S. market.

The acquisition of Twinset further strengthens CASE CASSIOPEA’s solid track record in the consumer, fashion and retail sectors. We are pleased to have advised Borletti Group, a long-standing client, and Quadrivio & Pambianco on this transaction, that also marks another success for our debt advisory practice.

CASE CASSIOPEA acted as exclusive M&A and debt advisor alongside Legance for legal matters, Ernst & Young for commercial and financial due diligence, and Poggi and Pirola for tax due diligence. The insurance diligence was performed by Willis Towers Watson, while T8P and Cerved conducted the ESG analysis.