Sergio Tacchini bought by South Korean group F&F Holdings
Another change of ownership for Sergio Tacchini. The Italian sportswear brand, founded by the eponymous tennis professional in 1966 and owned since 2019 by US investment funds Twin Lakes Capital and B. Riley Principal Investments, has recently been bought by South Korean apparel group F&F Holdings, the property of billionaire Kim Chang-Soo. The operation is worth $63 million, according to South Korean media.
F&F Holdings is buying all the shares in Sergio Tacchini Operations, based in the USA, as well as those of Sergio Tacchini IP Holdings, which owns the brand’s intellectual property assets. The operation is expected to be finalised on July 20.
Last year, F&F Holdings partnered with Centroid Investment Partners, a Seoul-based investment fund, to buy US golf equipment brand TaylorMade from US private equity firm KPS Capital Partners, for $1.8 billion. Two acquisitions that confirm the South Korean group’s willingness to tap the trend driven by the popularity of high-end sporting goods, for disciplines like golf and tennis.
F&F made a name for itself in the 1990s as the Asian distributor of labels like Benetton. The group holds various licenses, including that for US Major League Baseball, and owns brands like Italian down jacket label Duvetica, Korean urban sportswear brand Discovery Expedition, and its own beauty brand Banila Co.
Sergio Tacchini was declared bankrupt in 2007, and had been acquired by Hong Kongese entrepreneur Bill Ngok, who then sold it in 2013 to Wintex Italia, a company linked to a group of Hong Kong investors, and was finally acquired by the US investment funds that sold it to F&F Holdings.
Last year, Sergio Tacchini’s owners set up a joint venture with French company Movin to relaunch the brand’s European retail distribution. “We believe we have a bright future ahead of us with the new owner. Our role remains the same,” said Vincent Touzet, managing director of Marseilles-based Movin, speaking to FashionNetwork.com. He added that he was able to discuss Sergio Tacchini’s growth prospects with Kim Chang-Soo. “We are enjoying excellent double-digit growth in France and Germany. The outlook is highly motivating. [F&F Holdings] is a very successful player in Asia, and has managed to build a powerful group that wants to invest massively in marketing and advertising. We will now be able to broadcast a global message.”
Sergio Tacchini, which still relies on its long-standing Milanese design office, is set to adopt a globalised approach that will fuel its international plans.
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