LuisaViaRoma Loses Style Capital Amid Luxury Ecommerce Changes

LuisaViaRoma is parting ways with Style Capital. The Italian fund has agreed to sell its entire stake to executive Tommaso Maria Andorlini, who moves from piloting management to also becoming a shareholder, WWD has reported. Style Capital had taken its 40% in 2021 through a capital increase aimed at financing the growth of the Florence-based company.

The investor, which specializes in premium and luxury fashion, is also involved in the capital of brands such as French brand Soeur, as well as other assets in the fashion and lifestyle sector, reinforcing its role as a recurring financial partner for niche brands.

Following Style Capital’s entry, Andrea Panconesi, grandson of founder Luisa Jaquin, became president of LuisaViaRoma. At that time, the online multi-brand was generating around 230 million euros in sales and was consolidating its position as one of the European pioneers of luxury e-commerce.

In 2021, the company brought in Alessandra Rossi from Yoox as CEO. She was replaced in 2023 by Tommaso Maria Andorlini, who was appointed CEO a few weeks after the company’s big event held in Florence during Pitti Uomo.

LuisaViaRoma gave Style Capital a shareholding in 2021

Under Andorlini’s mandate, LuisaViaRoma opened its second physical store, in the NoHo neighborhood of New York, as a strategic showcase for the U.S. market and a complement to its historic outlet in Florence.

The group has also strengthened its digital position with a partnership with Camera Buyer Italia and its marketplace to build a multi-store online destination. It has also acquired Holding IT, the holding company of FFW Srl, specialized since 2011 in ecommerce management for fashion brands, and Playground Srl, operator of the Sotf luxury sports stores.

The progress of these projects has coincided with a more complex environment for luxury and for multi-brand operators. Last July, LuisaViaRoma activated a plan to simplify its structure that included the closure of its Milan office and unit. In August, the company filed for protective measures with a Florence court and the Italian Chamber of Commerce, in order to continue negotiating with its financial creditors and ensure business continuity.

According to the latest figures published, the company recorded sales of €310 million in 2024 and, in July, accumulated financial debt of €30 million, after completing a capital increase of just under €20 million to strengthen its balance sheet.

The luxury ecommerce map is going through a deep adjustment phase after the pandemic boom. Farfetch was rescued by South Korea’s Coupang to avoid bankruptcy, MatchesFashion was acquired by Frasers Group at the end of 2023 and has ended up closing its platform; while Mytheresa remains one of the few exceptions with growth and profits, but will have to integrate the loss-making Yoox Net-a-Porter business into the new LuxExperience structure.