Corneliani: Invitalia’s five-year term ends, opening up multiple scenarios

Corneliani, the Mantua-based high-end menswear brand — designed by Stefano Gaudioso Tramonte for the past ten years — closed the 2025 financial year with broadly stable revenue of €73 million.

“I have been CEO of Corneliani since 2019 and, after entering into a composition with creditors in June 2020, we emerged from the crisis at the end of 2021 with a different corporate structure: Invitalia and Investcorp created a company — in which Investcorp, by law, had to hold a majority stake — that acquired the business unit of the old Corneliani, which was in liquidation,” Corneliani CEO Giorgio Brandazza tells FashionNetwork.com.

“In 2020, the financial situation was extremely tense, compounded by very complex relationships among the shareholders; then came Covid-19, which dealt the final blow: operations came to a complete standstill, the factory closed, shops were shut as well (but you still have to pay the rent), and customers stopped paying. We were genuinely afraid we’d disappear.”

At that point, when the government announced the possibility of taking advantage of the Relaunch Decree, management submitted an application to the fund, which gave the green light to restart operations.

“We launched our summer collection in September 2021, and customers waited for us. That was a sign of the brand’s enduring appeal,” the executive notes. “Invitalia placed its trust in us, Investcorp followed suit, and we got back on track. Over the past five years, we’ve regained market share, jobs, growth, competitiveness and — above all — financial stability; the company is now fully restored to financial health.”

“We made a major leap in 2023, moving rapidly from €40 to €75 million in revenue, and then we stabilised, albeit with steadily improving profitability,” Brandazza continues. “Quality has remained consistent, deliveries have run smoothly, and the product has continued to evolve appropriately, despite the market’s recent ups and downs. This shows the company already had solid internal fundamentals.”

With this first cycle complete, a new question arises for the Lombardy-based company, as Invitalia had stepped in to save jobs at Corneliani, with a recommended five-year investment period. The goal was to maintain 337 jobs in Italy; today, Corneliani has more than 400 (there were 1,200 at the beginning of 2020, editor’s note). Thus, the target has been met and even exceeded. Consequently, Invitalia may decide to pass the baton, ushering in a new phase.

Corneliani, whose headquarters remain in Mantua — and which also operates a factory in Romania, while the plant in Slovakia has been sold — clearly has significant room for growth, “because the US and Japan are markets where we are underrepresented, and they are the strongest markets globally for menswear, Italian and otherwise,” Brandazza asserts.

“However, to seize this opportunity, we need an anchor shareholder to take the helm and act entrepreneurially. Invitalia does not have this role, and Investcorp has shifted its investment focus towards high-tech and real estate. Therefore, this moment — when the cards are being reshuffled — would be ideal for a change in the shareholding structure, ensuring that the company secures the resources needed to expand, starting with opportunities for retail development in new markets. And there is still potential for organic growth in Europe and the Middle East, where Corneliani already holds a leading position.”

According to the executive, Corneliani (which does not currently operate mono-brand stores, but relies primarily on wholesale distribution) requires careful stewardship: the company has now established a clear and distinctive DNA, an equally clear direction, and assets — such as the brand and its industrial capabilities — that can be developed in various directions over the medium to long term.

From here, very different scenarios could unfold for Corneliani. Italian? International? More financial? More strategic? “The calibre and long-term orientation of whoever takes the helm will be essential, especially as the brand today presents a compelling lifestyle,” concludes Brandazza.

Meanwhile, Corneliani’s Spring/Summer 2027 collection embraces a warm, relaxed approach. Cultural references explore diverse moods and inspirations, evoking maritime attire, the dandyism of double-breasted shirts and a reinterpretation of bayadère stripes. Alongside overshirts and shirt-jackets, the collection’s signature piece is a four-button suit in Ripple Wool, a pure-wool poplin treated in the piece at high temperatures to create a wavy, rippled effect. The Bermuda shorts and trousers feature a straight, easy fit, while the knitwear alternates the soft handle of silk and cotton with refined blends showcasing three-dimensional geometric wave motifs.

Craftsmanship is evident in details such as buttons on the Bermuda belt loops, leather applications at junction points and heat-taped finishes that neaten the inside of the garments by eliminating any superfluous stitching. Accessories complete the look: suede sandals, tapered lace-up shoes, slim belts and travel bags in canvas and leather.