In a move that signals a resurgence of Italian stewardship for one of the country’s most recognizable fashion brands, Borletti Group and Quadrivio & Pambianco—through their private equity arm Made in Italy Fund II—have acquired full ownership of Twinset. The acquisition, taken from the hands of the American private equity giant Carlyle, marks a pivotal return to domestic control for the Modena-based label, which has built an international following on its distinctive blend of romantic femininity and contemporary appeal. The transaction, equally split between the two powerhouse investors, comes with the promise of fresh capital, strategic alignment, and a renewed focus on propelling Twinset onto the world stage. But the nuances of this deal run deeper than a simple change in ownership; they hint at broader trends reshaping Italy’s fashion and luxury landscape.
The End of an Era: Carlyle’s Exit and the Road Back to Italian Hands
For the past seven years, Twinset has operated under the umbrella of Carlyle, the global private equity firm known for its appetite for European luxury assets. Carlyle’s tenure, which began in 2017, was characterized by ambitious expansion and a push to modernize the brand’s operations. Yet, as industry observers know, the marriage between global finance and heritage fashion is rarely straightforward. Twinset’s creative DNA—rooted in Italian craftsmanship and a nuanced understanding of its local audience—has always begged for a more nuanced approach than the one-size-fits-all strategies often favored by international funds.
The decision by Borletti Group and Quadrivio & Pambianco to acquire a full 100 percent stake in Twinset is thus far from a mere financial transaction; it is a symbolic homecoming. The deal is further bolstered by the participation of Narval Investimenti and a “club deal” orchestrated by Ersel Banca Privata—two names that signal both solidity and a collective belief in the brand’s untapped potential.
Meet the New Stewards: Borletti Group and Quadrivio & Pambianco
To understand the significance of this acquisition, one must appreciate the pedigree of the new owners. Borletti Group, with its storied history in retail and consumer brands, brings decades of experience in nurturing Italian icons for the global stage. Quadrivio & Pambianco, through its specialized Made in Italy Fund II, has established itself as a champion of homegrown excellence, investing with a clear-eyed focus on preserving and scaling the unique value propositions of Italian brands.
This partnership is not a typical leveraged buyout. Instead, it is a strategic alliance designed to leverage both groups’ intimate knowledge of the sector. As co-investors, Borletti and Quadrivio are poised to provide not only financial backing but also operational expertise, strategic vision, and a network of relationships that span the world’s fashion capitals.
CEO Alessandro Varisco: Charting a New Course
At the helm of Twinset is Alessandro Varisco, a seasoned executive whose leadership has been instrumental in maintaining the brand’s momentum through changing times. Varisco’s response to the acquisition was both candid and optimistic:
“I am very happy that Twinset is being acquired by two Italian funds, Borletti and Quadrivio, who, thanks to their experience, know our sector well. It is a great opportunity for the company, which allows us to further strengthen its identity and become an increasingly international brand.”
His words reflect an acute awareness of the delicate balance between honoring Twinset’s roots and driving its international expansion. Under his stewardship, the brand has weathered industry disruptions and shifting consumer tastes—now, with the backing of like-minded investors, Varisco appears poised to accelerate Twinset’s evolution from a beloved Italian label to a truly global player.
Why Now? The Strategic Calculus Behind the Acquisition
This acquisition does not occur in a vacuum. The Italian fashion sector is experiencing a period of profound transformation, spurred by shifting consumer behaviors, digital innovation, and increased competition from both heritage houses and upstart labels. For private equity funds with a nuanced appreciation for Italian savoir-faire, the opportunity is clear: brands with authentic stories and scalable business models are ripe for reinvention.
- Local Expertise: Unlike international investors, Borletti and Quadrivio possess a granular understanding of Italy’s fashion ecosystem—its supply chains, artisan networks, and retail nuances.
- Brand Revival: Their investment is a statement of faith in Twinset’s ability to recapture and amplify its core identity, making it resonate not just domestically but on a global scale.
- Operational Synergy: The partnership opens the door to operational improvements, digital acceleration, and expansion into new markets, anchored in a respect for what makes Twinset unique.
In the context of recent years, which have seen a wave of international takeovers of Italian brands, this “repatriation” is both strategic and emotional. It signals confidence in Italy’s capacity to generate homegrown champions in an increasingly consolidated luxury marketplace.
From Modena to the World: The Promise of Internationalization
Central to the new owners’ vision is the promise to make Twinset “an increasingly international brand.” This is more than a marketing catchphrase—it is a mandate that will require deft execution. While Twinset’s collections have found favor in markets beyond Italy, true internationalization demands a thoughtful blend of creative evolution, digital prowess, and retail innovation.
With Borletti and Quadrivio’s combined resources, Twinset is uniquely positioned to:
- Expand its footprint in key global markets where Italian fashion retains aspirational appeal.
- Accelerate its e-commerce strategy, tapping into the digital-first preferences of younger luxury consumers.
- Invest in product development while maintaining the artisanal quality that defines its DNA.
- Forge partnerships that broaden its reach across both established and emerging luxury markets.
The ambition is clear: to transform Twinset from a beloved local player into a name synonymous with Italian style on the world stage.
The Role of Co-Investors: Narval Investimenti and Ersel Banca Privata
Behind every landmark acquisition lies a constellation of co-investors whose involvement often signals deeper industry faith in the deal. Narval Investimenti and the club deal orchestrated by Ersel Banca Privata bring additional layers of financial security and strategic insight. Their presence is a testament to the widespread belief in Twinset’s growth potential and the robustness of the business model crafted by Varisco and his team.
For Twinset, access to this broader coalition of investors means more than just capital; it provides a buffer against market volatility and an expanded circle of expertise from which to draw as it navigates the complexities of global expansion.
What This Means for Italian Fashion’s Future
As the dust settles on this acquisition, industry insiders are watching closely to see how the new owners will translate their vision into tangible results. Will Twinset become a blueprint for the successful “re-Italianization” of fashion brands previously held by international investors? Could this deal prompt other Italian icons to seek similar returns to local stewardship?
What is certain is that the stakes are high—not just for Twinset, but for the broader Italian fashion sector. The world is watching to see whether a blend of heritage, strategic investment, and digital innovation can yield a new era of global relevance for Made in Italy brands. With the combined firepower of Borletti Group, Quadrivio & Pambianco, and the stewardship of Alessandro Varisco, Twinset now stands at the threshold of its most ambitious chapter yet.
A Look Ahead: Opportunity Meets Responsibility
The acquisition of Twinset by Borletti Group and Quadrivio & Pambianco is, at its core, a story of opportunity meeting responsibility. It is a bet on the enduring value of Italian craftsmanship, the power of strategic vision, and the potential for authentic brands to break through in an increasingly crowded global market.
As Varisco and his new partners chart the course forward, the fashion world will be watching not just for what Twinset becomes, but for what this moment represents: the possibility of a renaissance for Italian-owned fashion, powered by local expertise and a bold, international outlook.
In a move that signals a resurgence of Italian stewardship for one of the country’s most recognizable fashion brands, Borletti Group and Quadrivio & Pambianco—through their private equity arm Made in Italy Fund II—have acquired full ownership of Twinset. The acquisition, taken from the hands of the American private equity giant Carlyle, marks a pivotal return to domestic control for the Modena-based label, which has built an international following on its distinctive blend of romantic femininity and contemporary appeal. The transaction, equally split between the two powerhouse investors, comes with the promise of fresh capital, strategic alignment, and a renewed focus on propelling Twinset onto the world stage. But the nuances of this deal run deeper than a simple change in ownership; they hint at broader trends reshaping Italy’s fashion and luxury landscape.
The End of an Era: Carlyle’s Exit and the Road Back to Italian Hands
For the past seven years, Twinset has operated under the umbrella of Carlyle, the global private equity firm known for its appetite for European luxury assets. Carlyle’s tenure, which began in 2017, was characterized by ambitious expansion and a push to modernize the brand’s operations. Yet, as industry observers know, the marriage between global finance and heritage fashion is rarely straightforward. Twinset’s creative DNA—rooted in Italian craftsmanship and a nuanced understanding of its local audience—has always begged for a more nuanced approach than the one-size-fits-all strategies often favored by international funds.
The decision by Borletti Group and Quadrivio & Pambianco to acquire a full 100 percent stake in Twinset is thus far from a mere financial transaction; it is a symbolic homecoming. The deal is further bolstered by the participation of Narval Investimenti and a “club deal” orchestrated by Ersel Banca Privata—two names that signal both solidity and a collective belief in the brand’s untapped potential.
Meet the New Stewards: Borletti Group and Quadrivio & Pambianco
To understand the significance of this acquisition, one must appreciate the pedigree of the new owners. Borletti Group, with its storied history in retail and consumer brands, brings decades of experience in nurturing Italian icons for the global stage. Quadrivio & Pambianco, through its specialized Made in Italy Fund II, has established itself as a champion of homegrown excellence, investing with a clear-eyed focus on preserving and scaling the unique value propositions of Italian brands.
This partnership is not a typical leveraged buyout. Instead, it is a strategic alliance designed to leverage both groups’ intimate knowledge of the sector. As co-investors, Borletti and Quadrivio are poised to provide not only financial backing but also operational expertise, strategic vision, and a network of relationships that span the world’s fashion capitals.
CEO Alessandro Varisco: Charting a New Course
At the helm of Twinset is Alessandro Varisco, a seasoned executive whose leadership has been instrumental in maintaining the brand’s momentum through changing times. Varisco’s response to the acquisition was both candid and optimistic:
“I am very happy that Twinset is being acquired by two Italian funds, Borletti and Quadrivio, who, thanks to their experience, know our sector well. It is a great opportunity for the company, which allows us to further strengthen its identity and become an increasingly international brand.”
His words reflect an acute awareness of the delicate balance between honoring Twinset’s roots and driving its international expansion. Under his stewardship, the brand has weathered industry disruptions and shifting consumer tastes—now, with the backing of like-minded investors, Varisco appears poised to accelerate Twinset’s evolution from a beloved Italian label to a truly global player.
Why Now? The Strategic Calculus Behind the Acquisition
This acquisition does not occur in a vacuum. The Italian fashion sector is experiencing a period of profound transformation, spurred by shifting consumer behaviors, digital innovation, and increased competition from both heritage houses and upstart labels. For private equity funds with a nuanced appreciation for Italian savoir-faire, the opportunity is clear: brands with authentic stories and scalable business models are ripe for reinvention.
- Local Expertise: Unlike international investors, Borletti and Quadrivio possess a granular understanding of Italy’s fashion ecosystem—its supply chains, artisan networks, and retail nuances.
- Brand Revival: Their investment is a statement of faith in Twinset’s ability to recapture and amplify its core identity, making it resonate not just domestically but on a global scale.
- Operational Synergy: The partnership opens the door to operational improvements, digital acceleration, and expansion into new markets, anchored in a respect for what makes Twinset unique.
In the context of recent years, which have seen a wave of international takeovers of Italian brands, this “repatriation” is both strategic and emotional. It signals confidence in Italy’s capacity to generate homegrown champions in an increasingly consolidated luxury marketplace.
From Modena to the World: The Promise of Internationalization
Central to the new owners’ vision is the promise to make Twinset “an increasingly international brand.” This is more than a marketing catchphrase—it is a mandate that will require deft execution. While Twinset’s collections have found favor in markets beyond Italy, true internationalization demands a thoughtful blend of creative evolution, digital prowess, and retail innovation.
With Borletti and Quadrivio’s combined resources, Twinset is uniquely positioned to:
- Expand its footprint in key global markets where Italian fashion retains aspirational appeal.
- Accelerate its e-commerce strategy, tapping into the digital-first preferences of younger luxury consumers.
- Invest in product development while maintaining the artisanal quality that defines its DNA.
- Forge partnerships that broaden its reach across both established and emerging luxury markets.
The ambition is clear: to transform Twinset from a beloved local player into a name synonymous with Italian style on the world stage.
The Role of Co-Investors: Narval Investimenti and Ersel Banca Privata
Behind every landmark acquisition lies a constellation of co-investors whose involvement often signals deeper industry faith in the deal. Narval Investimenti and the club deal orchestrated by Ersel Banca Privata bring additional layers of financial security and strategic insight. Their presence is a testament to the widespread belief in Twinset’s growth potential and the robustness of the business model crafted by Varisco and his team.
For Twinset, access to this broader coalition of investors means more than just capital; it provides a buffer against market volatility and an expanded circle of expertise from which to draw as it navigates the complexities of global expansion.
What This Means for Italian Fashion’s Future
As the dust settles on this acquisition, industry insiders are watching closely to see how the new owners will translate their vision into tangible results. Will Twinset become a blueprint for the successful “re-Italianization” of fashion brands previously held by international investors? Could this deal prompt other Italian icons to seek similar returns to local stewardship?
What is certain is that the stakes are high—not just for Twinset, but for the broader Italian fashion sector. The world is watching to see whether a blend of heritage, strategic investment, and digital innovation can yield a new era of global relevance for Made in Italy brands. With the combined firepower of Borletti Group, Quadrivio & Pambianco, and the stewardship of Alessandro Varisco, Twinset now stands at the threshold of its most ambitious chapter yet.
A Look Ahead: Opportunity Meets Responsibility
The acquisition of Twinset by Borletti Group and Quadrivio & Pambianco is, at its core, a story of opportunity meeting responsibility. It is a bet on the enduring value of Italian craftsmanship, the power of strategic vision, and the potential for authentic brands to break through in an increasingly crowded global market.
As Varisco and his new partners chart the course forward, the fashion world will be watching not just for what Twinset becomes, but for what this moment represents: the possibility of a renaissance for Italian-owned fashion, powered by local expertise and a bold, international outlook.
