Miroglio unveils the key strategies for the relaunch of Trussardi

We will have to wait until the fall-winter of 2025 to savor the first outcomes of Trussardi’s revival under Miroglio. Whether this fresh beginning will kick off with a fashion show remains to be seen. However, one thing is certain: the creative team will be led by a design and product director.

Taking up this crucial role is Cosimo Dorato, a seasoned professional renowned for his tenure as a creative manager at Oakley and with notable experiences in companies such as Ynap, Alexander McQueen, Fiorucci, and Jeckerson. He embodies the antithesis of a celebrity designer; he will lead a young and diverse team of designers, stylists, and archivists to enhance the heritage of Trussardi. The company was acquired by the Alba-based group, located in the province of Cuneo, for approximately 35 million euros after a year-long crisis resolution procedure. This figure includes the complete acquisition of the brand from the Quattro R fund, which currently generates about 20 million euros through its 15 direct stores, along with the retail network, archive, and licensing rights. The transaction, a cash-free and debt-free deal, marks Miroglio’s entry into the premium segment. Miroglio boasts a turnover of 500 million euros and brands like Elena Mirò and Fiorella Rubino.

«Our primary objective is to maximize Trussardi’s potential. However, as a group, we remain open and vigilant of market dynamics», Alberto Racca, ceo of Miroglio, who has assumed the same position at Trussardi, explained to MFF. While the two entities will work in synergy, their operations and scopes will remain distinct. «Although they will operate as separate entities, one headquartered in Alba and the other in Milan, our objective is to foster a common mindset and principles of engagement. We acknowledge and respect their differences and have no intention to homogenize them», the Manager explained, outlining the plans for Trussardi’s relaunch.

What is the strategy behind this acquisition that positions you in the premium category?

Our decision was driven by the potential we saw in the Brand, particularly within its targeted market segment, as well as the compelling synergies we foresaw across the entire Group. Rather than beginning with an abstract idea of creating a mega-hub, we seized a tangible opportunity that emerged within the market.

How long has this been on your radar?

Since late July. Trussardi was undergoing a complex financial restructuring process, and our proposal was integrated into it, involving all stakeholders in the process. It took approximately six months of work.

An Italian group acquiring an Italian brand...

It is a beautiful thing. However, what really matters, beyond national pride, is ensuring the success of these brands and establishing a strong organization capable of attracting the best talent. This principle has been fundamental at Miroglio, and we intend to maintain it at Trussardi as well.

What synergies do you aim to establish within the Group?

Our goal is to foster synergies across all operational areas, including the supply chain, logistics, shared services, and commercial access to key markets where our presence is significant, such as the Middle East through our retail joint venture in Turkey, as well as our Italian commercial network to maintain relationships with selected partners both domestically and globally. However, we also aim to maintain the Brand’s unique identity, rich heritage, and distinctive essence. These aspects will serve as the foundation of our development strategy.

What are the next steps?

Our focus is on the fall-winter 2025 collection, ensuring we meet the necessary technical development requirements and timelines. The creative team will be led by Cosimo Dorato as our Design and Product Director. Our philosophy prioritizes collaboration over individual direction, emphasizing a shared vision that respects our Brand’s heritage and resonates with our customers. At Trussardi, we believe in continuity rather than disruptive departures from the Brand’s history.

Will Dorato oversee a design team?

While we have high expectations for Dorato, what will truly set us apart is not relying on a single individual to interpret the brand autonomously. This concept does not align with Trussardi or the current market context, in our view.

Will you return to fashion shows?

We will see. We are still assessing our options.

And what about commercial development?

We are committed to maintaining our 15 stores in Italy and developing a synergistic online and offline presence. Key markets for us include Italy, Eastern Europe, and the Middle East. Our initial focus will be on these regions, both through direct operations and strategic partnerships that will facilitate market access.

Have you set a revenue target?

Initially, we aim for a direct turnover of 20 million euros from our owned stores, considering the challenging circumstances of the past year. As for the future, it is difficult to say where we want to go; we are currently exploring strategies to move into key markets.

The building in Piazza della Scala in Milan is not included in the acquisition. What about the shop below?

It is part of the building, so its future depends on the company that owns it.

Do you have any new acquisitions planned?

Not at the moment. Our primary focus is maximizing Trussardi’s potential. However, as a group, we remain open and vigilant of market dynamics. We have undergone significant changes overall, including performance-wise, so we are keeping an eye out.

What about Miroglio Group?

In recent years, the Group has undergone significant simplification, focusing on core businesses where we are investing and divesting activities that no longer align with our priorities in a challenging market environment. Our primary focus now lies in clothing and retail through our four main brands: Motivi, Oltre, Fiorella Rubino, and Elena Mirò. Furthermore, we have made substantial efforts to refine our corporate culture, simplify our organization, and develop a leaner structure with core values and extensive vertical and horizontal mobility.

And the turnover?

We anticipate closing 2023 with a turnover exceeding half a billion euros and an EBITDA surpassing 30 million. (All rights reserved)