Confirming earlier rumors that Kering was looking to offload Sergio Rossi, the French conglomerate announced Wednesday that it has, indeed, sold 100 percent of the luxury Italian footwear brand's assets to Investindustrial, a European investment company.
Just a brief look at Kering's latest financial results shows that Sergio Rossi was not a top priority; executives spent the vast majority of a recent earnings call talking about Saint Laurent and Gucci — two brands in which the company is obviously investing a lot of resources. Kering tends to only fill investors in on the financial progress of brands that are improving, so surmise what you will about the fact that Sergio Rossi was rarely mentioned.
The brand is a bit of a departure for Investindustrial, which currently manages Aston Martin, furniture brand B&B Italy and lighting brand Flos, among other companies that have little to do with fashion.
Sergio Rossi, who was born into the shoemaking trade, founded his namesake label in 1966; what was then Gucci Group began investing in it in 1999, retaining full ownership by 2005 (at which point it was called PPR). Francesco Russo has been creative director since 2008.