MILAN – Style Capital is exiting luxury retailer LuisaViaRoma after four years, WWD has learned.

Sources said that current chief executive officer Tommaso Maria Andorlini is acquiring the private equity firm’s 40 percent stake in the company and has committed to paving the way for future growth amid a downturn in luxury spending that has hit retailers globally.

LuisaViaRoma did not return WWD’s requests for comment at press time, however sources said an announcement is expected as early as Wednesday.

The Italian private equity fund invested 130 million euros through a capital increase to acquire a 40 percent stake in the Florence-based multibrand e-tailer in 2021.

Following the acquisition, Andrea Panconesi, whose grandmother Luisa Jaquin founded the business with a small boutique on Florence’s Via Roma in 1929, became chairman of the company, which back then generated revenues of around 230 million euros.

Yoox veteran Alessandra Rossi joined in the CEO role in 2021 and was succeeded by Andorlini in 2023, weeks after the “Runway Icons” event held in Florence during Pitti Uomo.

On Andorlini’s watch, LuisaViaRoma opened its second brick-and-mortar unit, in New York’s NoHo, and inked a partnership with Camera Buyer Italia and its marketplace THEBS.com to create a multistore online destination.

During his tenure, LuisaViaRoma also acquired Holding IT, a firm helmed by Andorlini, and the parent company of FFW Srl, which has created and managed e-commerce sites for fashion brands since 2011. It also bought Playground Srl, which operates luxury sportswear stores under the banner SOTF.

As reported, LuisaViaRoma hasn’t been immune to the current macroeconomic headwinds. Last July it revealed plans to streamline its business operations by shutting down its unit and office in Milan.

In August, the retailer filed for fiscal protection measures with a Florence Court and the Italian Chamber of Commerce, according to paperwork seen by WWD. The company wants to continue its negotiations with financial creditors while ensuring business continuity.

According to preliminary figures, the retailer logged sales of 310 million euros in 2024. Financial debt stood at 30 million euros last July, when a capital increase just south of 20 million euros was successfully completed.