Sessùn taken over by Italian investment fund Quadrivio Group

Sessùn goes under the Italian flag. The French women’s ready-to-wear brand, positioned in the affordable luxury segment, has been acquired to the tune of around 70% by the Italian Quadrivio Group, an international investment company that has been active in private equity for over 25 years, through Made in Italy Fund II, the investment fund it manages in joint venture with the Pambianco communications agency. By 2024, the bohemian-style label will have sales of over €70 million and EBITDA of €10 million. By 2028, it expects to have achieved sales of over €130 million, 60% of which will be generated internationally.

This is a major turning point for the brand, which was founded in Marseille in 1996 by designer Emma François-Grasset. Emma François-Grasset had already opened up its capital in 2017, but retained a majority stake of 57.6%. It brought in Experienced Capital Partners (ECP), the operational investment fund dedicated to premium brands set up in 2016 by the former directors of SMCP, Frédéric Biousse, Elie Kouby and Emmanuel Pradère. 

Experienced Capital has sold the 42.4% stake it held through its ECP I fund to Quadrivio Group. The founder has also sold part of the capital she controlled, but she remains a shareholder of almost 30% and maintains her role within the company, continuing to act as Managing Director and Artistic Director of Sessùn.

This acquisition marks Quadrivio Group’s first direct international investment in the fashion sector. “This is our first large-scale operation in France,”says Alessandro Binello, Group CEO of the Italian company, who confides that he already has his sights set on other acquisitions in France. The group, which was joined in 2023 by Philippe Franchet as managing partner, is also about to open an office in Paris.

“Sessùn is the leader in its segment and has strong distribution both in France and abroad, with a significant presence in Europe. The company’s situation is optimal. It’s a brand with the potential to go global. It needs to take a step forward in terms of size and accelerate internationally. With our network, we can certainly help it to take a new step,” he says.

“For us, this is a very good deal with an excellent return, above the average return achieved by investment funds,” says Experienced Capital’s Chairman, Emmanuel Pradère, without disclosing the amount of the transaction.

“When we arrived at the end of 2017, Sessùn had sales of €20 million, and we helped it grow to €70 million with steady growth, since sales have increased by an average of 20% a year,” he continues, adding that “since 1 January, it has achieved 13% growth on a like-for-like basis in a flat market, clearly taking market share from its competitors in accessible luxury.”

In particular, the fund has accelerated the internationalisation of the brand “with direct openings in Spain, Germany and the UK in particular, and in Switzerland. International growth is set to rise by 38% a year between 2021 and 2024. We have also helped to structure the management committee, which is now very solid, consisting of five people. We believe that the company has proved its worth in France. It has established the brand, put in place all the right processes to enable it to accelerate and set foot directly on the international stage. Now it can continue to grow, and it’s the right time to bring in a new partner,” says the investor.

As it celebrates its thirtieth anniversary next year, Sessùn can be proud of its track record. It has more than tripled its sales since 2017 and can rely on a network of more than 80 points of sale (more than 60% of total sales) in six countries, including thirty international shops – ten in Spain and five in the UK.

The brand generates 40% of its sales abroad (a figure which rises to 50% for its e-shop alone). It is also distributed through 400 retailers around the world, from department stores to multi-brand boutiques (15% of its sales), as well as through its particularly profitable e-commerce site, with online sales accounting for a quarter of its total sales, ten points higher than the market average.

It has many strengths: “First of all, it has a very distinctive positioning, with its approach based on the arts and craftsmanship, which gives it a real personality. It’s a very sunny brand, like Emma François-Grasset. It’s a sincere label offering a quality product that has long been anchored in an eco-responsible approach, with 70% of its materials being natural, for example. It also has a good balance between its different distribution channels. Finally, one of the keys to its success, over and above its strong international presence, is its good value for money. Sessùn has always been careful to keep its prices affordable, which is something its competitors have not done,” Emmanuel Pradère points out, pointing out that the label “has totally mastered the codes of social networking, with almost 400,000 followers on Instagram.”

As explained by Quadrivio Group, “the acquisition by Made in Italy Fund II aims to consolidate the brand and double its sales through an international expansion plan, mainly in Europe, particularly Italy, and the United States. Among the initiatives planned is a plan for new openings, with the aim of reaching a total of 130 points of sale and ensuring a global presence.”

“In August, Sessùn obtained B Corp certification, and in September it inaugurated its new flagship shop in Paris. The brand’s development levers also include strengthening the e-commerce channel and enhancing the value of the accessories segment.” concludes the group.

Quadrivio Group acquired Sessùn via its Made in Italy Fund II, launched in 2023. This is the company’s third investment, as it already owns a minority stake in Autry sneakers and 51% of the accessible luxury knitwear brand Filippo De Laurentiis. In 2018, the company launched its first Made in Italy Fund to invest in Italian SMEs that excel in the lifestyle sector, i.e. fashion, food, beauty and design. Its portfolio includes Dondup and GCDS.