Quadrivio acquires fashion brand GCDS
Quadrivio has bought a majority stake in Italian streetwear brand GCDS (God Can't Destroy Streetwear).
The company has been on the market since January 2020, when it mandated Lazard to handle the sale, but the coronavirus outbreak delayed the process.
Unquote understands that the GP acquired a 61% stake in the company alongside former Gucci CEO Patrizio di Marco, who has joined GCDS's board. The founders, Giuliano and Giordano Calza, will retain the remainder and stay on with the business as creative director and CEO, respectively.
Quadrivio intends to further boost the company's growth and international expansion, primarily across the Asian market.
The GP invested in the business via its Made in Italy Fund, which was launched by Quadrivio in partnership with advisory firm Pambianco Strategie d'Impresa in January 2018 to support the expansion of Italian companies operating in the fashion, design, beauty and food industries. The vehicle targets businesses with annual revenues of €10-50m and deploys equity tickets in the €10-20m range.
The fund held a first close in March 2018 on €100m and an interim close on €150m in December 2019. It is expected to hold a final close in H2 2021 on around €300m.
Company
Founded in 2015 by brothers Giuliano and Giordano Calza, GCDS is a designer of luxury streetwear. Its collections include women's and men's clothing, knitwear, shoes and bags.
The company is headquartered in Milan and sells its products in two mono-brand stores based in Milan and Florence, as well as in 400 points of sale worldwide.
GCDS generated EBITDA of around €3.2m from revenues of €16m in 2019 and expects to reach turnover of €20m in 2020, with a 20% EBITDA margin, Unquote understands.
People
Quadrivio – Walter Ricciotti (partner).
GCDS – Giordano Calza (co-founder, CEO).
Advisers
Equity – Pedersoli (legal); Legance (legal); EY (financial due diligence).
Company – Lazard (corporate finance); Chiomenti (legal); Simmons & Simmons (legal).
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