The Mantua-based company currently without a managing director and general manager Ferrando is increasing its powers to managers
2016: the fund arrives
It's June 21st when Carlalberto Corneliani, always image of the company he founded in 1958 with his brother Claudio (deceased in 2010) with shares divided into equal parts, announces the sale: the majority stake of the company was taken over by Investcorp, a fund listed on the Bahrain Stock Exchange. And everything points to a choice dictated also by a non-identity of views between the two branches of the family: Carlalberto with his children Maurizio is Sergio they sold their half to Investcorp for $ 100 million which, with a capital increase, comes to hold 51%. The two sons and the nephew of Claudio remain with 49%: Christian, Corrado is Stephen. The announcement in the announcement looks far ahead: a five-year recovery plan with the intention of doubling the turnover and no reduction in the workforce, indeed. At the end of July the new managing director arrives Paolo Roviera who comes to Mantua after twenty years of experience in the luxury fashion sector. The year closes with a turnover of 113 million, a slight decrease compared to 2015, a decline that started in 2012.
2018: "jump" Roviera
In 2017, turnover declined further and before filing the 2018 budget, a service order communicated to employees on November 22 that Roviera resigned and was appointed instead. Luigi Ferrando, manager of experience in non-fashion companies. Against the background of this sudden change of the guard the frictions between the fund and the family begin to loom, which Ferrando's choice momentarily seems to have closed. Moreover, the agreement signed in 2016 foresees that the choice of the CEO will be shared by majority and minority.
2019: crises and shareholders in dispute
The tensions are once again exploding in June after the approval of the 2018 budget closed with a loss of 12 million euros and revenues of 108 million, a decrease of 2.7% compared to 2017: a budget that has not seen the ok members of the Corneliani family. The company announces a restructuring plan. What transpires is that the Arab holding company would not be in line with the third generation of the family that sees only Corrado after another in the company after three years, while in the board only Cristiano and Investcorp remained, who had committed to investing some tens of millions , remained firm at 51%. In the meantime two things have happened: the historian in charge of the personnel Claudio Ceraico it is gone and in May the appeal to the ordinary redundancy fund was announced (recently extended until the beginning of January 2020). Employees begin to fall due to retirements and resignations: in January they are 520, in September 485 (today 454). At the end of October the new personnel manager arrives Maurizio Arsti, which supports Ferrando together with Francesco Spotorno, for some years in the company like chief operating and financial officer.
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On 4 October Ferrando signed two proxies for Arsti and Spotorno, increasing for both duties and powers, and 6 presented itself to the unions as general manager and no longer to: passages that seemed to weaken its role in the company, while the industrial plan was presented in broad terms. from 130 redundancies that leaves the workers' representatives without interlocutors.
Who are the managers
Francesco Spotorno and Arsti are managers with long experience in companies not in the fashion world. The first has worked for companies such as Whirpool Europe srl, Sematic spa and Bwi production: in Corneliani it deals with all contracts for orders and sales, shipping, logistics, insurance and any operation with banks. Maurizio Arsti arrives instead from professional experiences in Blockbuster Italy, Elior Ristorazione spa, Gemeaz Elior spa: among the powers that the recent delegation has given him is also to dismiss employees with a gross annual remuneration of less than 100 thousand euros and represent the company in any collective procedure.
The unknown merger
Meanwhile, the merger of Corneliani spa into the parent company Sarti Holdings (Italy) srl, already planned for some time, initially planned for November together with the new business plan and instead postponed for the moment is hanging over everything. Sarti Holdings is the company created by the fund to give life to the Corneliani operation: it is she who therefore holds 51% for a value of 5.4 million. With the merger between the parent company and the subsidiary, two paths could open up: either not change anything or lead to new corporate structures if the fund were to proceed with a capital increase, diluting strongly the percentage held by the family. Family that yesterday there Journal he tried in vain to contact.