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Former Gucci CEO to take minority stake in Elisabetta Franchi


Former Gucci CEO to take minority stake in Elisabetta Franchi

MILAN (Reuters) – Former Gucci chief executive Marco Bizzarri said on Thursday he would invest in Italian fashion brand Elisabetta Franchi, taking a stake up to 23% of the company.

Bizzarri will be appointed chairman of the group, which has said it expects to report revenues of 170 million euros ($184.48 million) in 2023, with an operating profit margin equal to 32% of revenues.

“This new chapter of my professional life will focus on investments in valuable companies and human resources”, Bizzarri said in the statement, adding that he aims to keep investing through his Nessifashion holding in companies operating in the fashion and luxury sector both in Italy and abroad.

($1 = 0.9215 euros)

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(Reporting by Elisa Anzolin, editing by Gavin Jones)

 

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