Borletti Group and Quadrivio & Pambianco co-invest to acquire 100% of Twinset

The two companies strengthen their solid experience in the fashion industry, acquiring the Italian brand specialized in women's total-look apparel

Borletti Group and Quadrivio & Pambianco, through its private equity-based Lifestyle Fund II, have acquired 100% of Twinset – a historic Italian women’s fashion brand. The deal involves an equal ownership split between the two investors, who will jointly support the company’s future growth. Co-investors also include Narval Investimenti and Ersel Banca Privata’s club deal. Narval Investimenti will additionally support the company in its new growth path by appointing a representative to Twinset’s Board of Directors.

Founded in Carpi in 1990, Twinset is today one of the leading brands in the affordable luxury segment in Italy. Twinset stands out for its romantic and bohemian style, offering a complete range of total-look collections. 

In 2024, Twinset recorded revenues of over €200 million, with an EBITDA exceeding €30 million. The majority of sales are direct-to-consumer through Twinset’s own retail network and online channel, while the remainder is generated through the wholesale channel. 

Today, Twinset has a widespread and well-established retail footprint, with over 150 points of sale, including directly operated stores and franchises. Parallel to this, Twinset has built a strong and steadily expanding online presence: revenues from twinset.com have grown at a double-digit rate, with annual increases of over 10% over the past five years. This is complemented by a selective distribution through the most prestigious multi-brand retailers. 

To date, Twinset continues to strengthen its leadership position in Italy, its primary market, and is steadily growing in countries such as Spain, Germany, and the Benelux region, which together currently account for around 20% of total revenues. 

The roadmap for the coming years is clear: Borletti and Quadrivio & Pambianco aim to consolidate Twinset’s positioning in the “affordable luxury” segment and further boost its brand awareness through investments in marketing and communication. 

The strategy also seeks to further enhance the retail channel by investing in top-tier locations that align with the brand image and the “Twinset environment”. Among the key goals are also significant investments in the online channel to further accelerate its growth, by increasingly integrating it into a true digital strategy. The growth plan also includes strengthening the franchise network and evolving the multi-brand distribution channel, enabling Twinset to secure its presence in the most prestigious fashion stores, alongside leading global luxury brands.

The brand communication strategy will continue to support Twinset, focusing on aspirational content and authentic storytelling, while continuing collaborations with well-known figures from the worlds of fashion, entertainment, and culture, such as Georgia May Jagger, Suki Waterhouse, Hailey Bieber, Emily Ratajkowski, Sasha Pivovarova, Sienna Miller, and Doutzen Kroes. For this reason, the plan also includes further development of marketing communication and increasing the brand’s presence across major platforms, elements that are becoming increasingly vital in the social media landscape. Today, Twinset already has around 1.5 million followers and over 10 million online views.

Geographically, Twinset will continue its international expansion by deepening its presence in existing geographies in Europe, with a particular focus on Spain, France, and Eastern Europe. Following this European consolidation, the brand will have significant potential to expand into new markets such as the United States and Asia. 

Alessandro Binello, Group CEO of Quadrivio Group and Managing Partner of Lifestyle Fund II, commented: “Twinset is a strategic investment that not only strengthens the fund's portfolio, but also confirms our ability to detect trends and invest in the market's best brands standing out for their strong identity and recognisability. We work as a team to contribute to their growth, helping them become globally competitive enterprises. We also believe that the affordable luxury segment is a vital target for us today as private equity operators, and we intend to continue investing in it, convinced of its great potential and the returns it can offer our investors.” 

Maurizio Borletti, Founding Partner of Borletti Group, added: “Twinset is a brand positioned in a developing segment, with solid foundations and still-significant potential. We will contribute our experience in the retail and fashion sectors to support its growth journey. The current state of the luxury market makes the alternative luxury segment an area of high growth potential.” 

Alessandro Varisco, CEO of Twinset, said: “I am very happy that Twinset is being acquired by two Italian funds, Borletti and Quadrivio, who know our sector well thanks to their experience. It is a great opportunity for the company, which allows us to further strengthen its identity and become an increasingly international brand.” 

For Borletti Group, this marks the second investment of the year in the fashion sector, following the entry announced in May into True Religion, an iconic U.S. brand specializing in denim and casualwear. For Lifestyle Fund II, Twinset represents the fund’s fourth investment, which already includes three companies in its portfolio: Autry, an Italian sneaker brand positioned in the premium segment with international distribution; Filippo De Laurentiis, an Italian company focused on high-end knitwear; and Sessùn, a French brand offering women’s clothing with a boho-chic style. 

Borletti Group and Quadrivio & Pambianco were assisted by Case Cassiopea for M&A and Debt advisory, and by Legance and Studio Cerina for legal matters. Ernst & Young conducted the financial and commercial due diligence, while the tax due diligence was carried out by the firms Poggi and Pirola. The insurance diligence was performed by Willis Towers Watson, while T8P and Cerved conducted the ESG analysis.