A group of American investors has signed an agreement in principle for the takeover of the Sergio Tacchini brand from Chinese interests, with the final deal now expected to be closed within a couple of weeks. The American group is led by Stefano Maroni, who previously signed a contract to license the brand’s footwear in the U.S. and to distribute its apparel line in the country, starting with the current spring/summer season.
Evidently, the future owners of the Italian tennis-inspired heritage brand feel that it has a strong potential for development in the U.S., somewhat like Fila. That feeling was not shared by Billy Ngok, the Chinese investor who acquired the brand in liquidation proceedings in 2007, and who was planning to introduce it in China in 2021.
The U.S. is one of the few major markets where Sergio Tacchini has struggled to have a presence since it was founded by its namesake, the Italian tennis player, in 1996. Yet, more than 40 percent of the orders recently collected by the brand’s website have come from American customers. With annual sales of about €500,000, it is the brand’s only store.
With hardly any investments by its Chinese owners, Sergio Tacchini has made an excellent recovery since the management of the brand was given in 2014 to a dedicated company in Milan, Wintex Italia, led by Patrizia Bolzoni. Its profits have been reinvested in the development of the brand. Working with 13 licensees in various countries, Sergio Tacchini reached wholesale-equivalent sales of €50 million in 2018, up 10 percent from the previous year. That compares with only €35 million in 2014.
Aside from Italy, the biggest markets are France and Japan. The German market has been developing well during the past two seasons. The brand was about to sign two important licensing agreements for Russia and the United Arab Emirates prior to the news of the American deal, with a goal to double its turnover over the next few years.
Maroni, whose family comes from the Italian shoe manufacturing industry, has been a footwear licensee for other brands like Ben Sherman, True Religion and 7 for All Mankind. His company, GMI USA Corp., is planning to acquire the iconic Sergio Tacchini brand name along with two American private equity funds, Twin Lakes Capital and B. Riley Principal Investments.
It’s not yet sure to what extent Wintex Italia and its team will be involved in the future. Reports indicate that Maroni will become the global chief executive of Sergio Tacchini. An American designer, Dao-Yi Chow, should take over the creative part of the business from the Italian-based Gaetano Simeone. Chow worked with a partner at DKNY before they created their own fashion brand, Public School, in 2008.
The Sergio Tacchini brand built its initial reputation as an early sponsor of future tennis champions like John McEnroe, Jimmy Connors and Pete Sampras. It is no longer engaged in sponsorships and no longer has any single-brand stores. It is sold in about 1,500 multi-brand stores around the world including those of Intersport, Foot Locker and JD Sports as well as tennis specialists like Tennis Point and fashion boutiques like LuisaViaRoma.
