Gucci owner Kering SA agreed to sell shoemaker Sergio Rossi to an Italian buyout firm after struggling to turn around the business. The buyer, Investindustrial, will get all Rossi’s industrial assets, rights and a network of more than 80 stores, according to a joint statement Wednesday. The deal will ensure the long-term development of the brand, the companies said. Bloomberg News reported in August that Investindustrial was in advanced talks on the acquisition.
Investindustrial also has stakes in Aston Martin, Flos and B&B Italia, that are growing internationally, according to senior partner Andrea Bonomi. This is “the same growth path that we are looking to achieve for Sergio Rossi,” Bonomi said in the statement.