Bally becomes American. A subsidiary of the US fund Regent has taken over Bally International from Luxembourg-based German conglomerate JAB. Among the rumours circulating in Switzerland is that the sale was “forced” due to a difficult financial situation.
From Jab to Regent
After 16 years, Bally will change ownership and move to Regent. It is a global investment company focused on acquiring companies in various sectors, including retail, luxury, media, technology, automotive and industry. Also on the investment list are Club Monaco and Escada. Financial details were not disclosed. At the helm of Bally is CEO Nicolas Girotto, while former Gucci Simone Bellotti has been coordinating its creative direction as of the end of March 2023. Both are expected to keep their positions, as WWD writes. Bally is based in Caslano, Switzerland, and employs 1,500 people worldwide. It has over 320 shops and 500 multi-brand points of sales in 60 countries.
Here are the reasons
While refusing to provide a sales figure, as required by JAB’s policy, Girotto recently told WWD that sales in 2023 were up by 20% compared to 2022. The deal, however, seems to give credence to employees’ concerns about the company’s solidity. According to an article on the portal of RSI – Radiotelevisione Svizzera, the sale was not a choice dictated by the company’s debt situation. A situation that, according to an inside source, “came close to CHF 100 million” against a turnover of 200. If a buyer was not found, the risk of liquidation, the source continued, would have been “very strong”.
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