De Vincenzo’s appointment marks the latest move to revitalise the Italian house after LVMH-backed private equity firm L Catterton acquired a majority stake in the company last year, a deal that reportedly valued the company at €500 million. Shortly after the sale, Etro welcomed former Dolce & Gabbana executive Fabrizio Cardinali as CEO.
Etro family members Veronica, Kean and Jacopo Etro are continuing to work with L Catterton to help shape the brand’s turnaround strategy, according to the company.
It’s hoped that De Vincenzo, who cut his teeth designing accessories at Fendi before launching his own label in 2009, will help bolster Etro’s offering in accessories, a cash-generating category for luxury’s leading players and a key pillar of Etro’s strategy to drive growth.
”We are sure that Marco will be able to translate at best Etro’s extraordinary heritage into new interpretations for the different brand’s collections and also giving a new drive to the world of accessories,” said Cardinali in a statement.
Marco De Vincenzo will start his new role on June 1. His first collection for the house will debut during Milan Fashion Week in September.
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L Catterton to Take Majority Stake in Etro
The LVMH-backed fund is reportedly acquiring a 60 percent stake in a deal that values Etro at €500 million ($590 million).
