MSC ready to get its hands on Slam
An offer has been submitted for the historic Genoese technical sailing clothing brand that will likely be accepted by Vam Investments.
The Aponte family's MSC Group is preparing to enter the clothing business, following its recent diversification into publishing with the purchase of the Genoese daily newspaper Il Secolo XIX. According to what was revealed by IlSole24Ore The Swiss shipping group is reportedly about to get its hands on Slam, a historic brand active in the production and marketing of technical clothing for nautical purposes.
According to SUPER YACHT 24, the MSC Group began due diligence before the summer and recently submitted a purchase offer that will almost certainly be accepted by the controlling shareholder, the investment fund Vam Investments (the previous owner Finsea had until now held a stake of less than 10%).
According to the information gathered, this move is aimed at MSC insourcing and concentrating on Slam the production of uniforms worn by its crews (primarily on cruise ships and ferries), which until now had been purchased from third-party suppliers. Furthermore, it should not be forgotten that the cruise company Explora Journeys recently sponsored the 37th Louis Vuitton America's Cup, the world's most important sailing competition. In the same competition, Slam outfitted the winning New Zealand team. Another connection between the clothing brand and the MSC Group is Pierfrancesco Vago's passion for sailing, as he is the son-in-law of Gianluigi Aponte (husband of his daughter Alexa), the owner of a 56-meter Perini Navi yacht.
Slam is, as mentioned, a historic Italian sailing apparel brand, founded in 1979 in Genoa. For over 40 years, the company has specialized in the design and distribution of technical apparel for sailing champions and enthusiasts. In June 2021, Vam finalized the purchase of selected Slam assets and a year later, under the guidance of a new management team, launched a new logo and collection.
The latest balance sheet (2024) has not yet been filed but the latest available one (2023) closed with revenues rising from 7,8 to 8,3 million euros and a net loss of almost 5 million euros (worsening compared to the 3,3 million of 2023).
Il Sun Recall that Vam's stated goal was to bring Slam's sales back to €40 million, the same as in 2010, given that they had fallen to €20 million in 2019 (with a further negative €12 million in 2020 due to the Covid pandemic). The plan evidently didn't have the hoped-for success, and the company is now preparing to change hands again.
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