Marco Bizzarri, one-time CEO of Gucci who retired last September, has set up a new investment company. This is according to documents which were filed with the Italian Chamber of Commerce, and which were reported by Reuters. The new company, called Nessifashion, was set up in Rome in February. The company’s goal is to strategically invest and provide guidance to existing companies.
Holding this new company through his Nessi SRL holding company, which owns stakes in a number of real estate companies and restaurants, Bizzarri is the sole administrator. Reuters attempted to contact Bizzarri for comment, but he declined to speak.
Bizzarri’s time at Gucci was largely successful. Beginning as CEO in 2015, Bizzarri’s decisions—such as putting Alessandro Michele in the role of chief designer for the label—helped to double sales, which reached as high as $10 billion in 2019. Bizzarri and Michele led Gucci in a more contemporary direction, with new designs and a new attitude overall.
Profits have slowed since then. This could point to a number of factors, including everything from the COVID-19 pandemic, which affected countless businesses, and the departure of Michele. Bizzarri also left Gucci during this time. The luxury fashion house, owned by the Kering luxury goods company, continues to battle falling revenue.
But for Bizzarri, things seem to be moving forward. Bizzarri and Nessifashion have already made their first moves. On Thursday, April 4, Bizzarri announced a significant investment in Italian fashion brand Elisabetta Franchi, which would see him taking as much as a 23% stake in the company. Reuters has reported that Bizzarri will be appointed chairman of the group. Elisabetta Franchi has stated its expectation to report revenues of more than $180 million from 2023, which yields 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,” said Bizzarri in a statement. He added that Nessifashion will invest further in the fashion and luxury industry in Italy, as well as abroad. Bizzarri went on to say, “It’s a great privilege for me to work alongside passionate people with whom I can create fruitful synergies.”
Elisabetta Franchi is a fashion brand that has been on the rise for some time. First founded in 1998, the brand has begun to make international moves during the last decade, and now boasts 85 boutique shops across 78 countries. It has been showing designs at the Milan Fashion Week since 2014 and declared its intention to become publicly listed on the stock exchange before that particular project was shelved due to the pandemic.
“Elisabetta Franchi is a successful, resilient, self-made entrepreneur with a clear vision of how her company will evolve in the future,” said Bizzarri, adding that the brand has “great potential for expansion, both in Europe and internationally.”
The Elisabetta Franchi brand offers high-end women’s wear, as well as shoes, bags, jewelry, swimwear, and a line of clothing for younger women and girls. It has also partnered with Pronovias, the wedding dress brand that recently acquired Vera Wang, to launch a line of bridal designs.
