MILAN — Swinger International is on an acquisition spree.

Sources told WWD that after investing in Etro, the Italian fashion group is taking control of sneaker brand Philippe Model with the aim of strengthening its core business but also to further expand into ready-to-wear.

In July 2016, 21 Investimenti, the private equity firm Alessandro Benetton founded in 1992 and now called 21 Invest, acquired a majority stake in the brand.

Swinger International, based in Verona, Italy, owns the Genny brand and is the licensee of Just Cavalli and Versace Jeans Couture.

Philippe Model’s namesake founder, an artist and painter, in the ’80s invented the innovative and successful “Elastique,” a comfortable heeled shoe style crafted from elastic bands. Throughout his career he has collaborated with key Paris designers and brands, from Claude Montana and Jean Paul Gaultier to Christian Dior and Lanvin, among others.

Once a company spanning from haute couture accessories to interior design projects, Philippe Model was relaunched in 2008 as a men’s and women’s premium sneaker company, entirely manufactured in Italy’s Riviera del Brenta footwear district. It is estimated to have sales of 30 million euros.

In 2023, Finnish designer Tuomas Merikoski, the founder of the Aalto brand, was named creative director of Philippe Model.

As reported, sources say Mathias Facchini, who helms Swinger International, and SRI Group will buy a 15 percent stake in Etro through a single vehicle. A statement confirming the news is expected this week. SRI Group is chaired by entrepreneur Giulio Gallazzi and is a multinational independent M&A corporate finance consultancy and proprietary private equity investments company founded in 2001.

Turkish Rams Global is said to buy the Etro family’s stake, leading to the founders’ exit. Sources believe Rams, which is a major real estate firm, is keen to further develop the Etro Residences, leveraging the brand’s home collection, a cornerstone and significant business for the Milan-based label.

L Catterton acquired a majority stake in July 2021 and remains an investor.