The acquisition of the Twiga Group by LMDV Hospitality marks a significant transition for the luxury brand known for its elite beach clubs and restaurants.
Leonardo Maria Del Vecchio, the heir to the Luxottica fortune, has officially acquired 100% of Twiga from Flavio Briatore, founder and owner of the iconic brand, which has established a reputation for luxurious entertainment. This historic deal was announced at the beginning of December 2023 and concluded recently, with the exact purchase price remaining undisclosed but estimated around 7.5 million euros for the remaining shares.
Twiga, known for its opulent locations including Forte dei Marmi, Montecarlo, Ventimiglia, and Doha, is set to undergo significant changes as it prepares to expand with the addition of a new location scheduled to open in Milan by September 2025. The Milan venture will be located on Via Turati, marking the brand's strategic move to penetrate Italy's fashion capital.
Del Vecchio expresses enthusiasm for the acquisition, stating, "The acquisition of the Twiga Group is a fundamental step for the growth of LMDV Hospitality. This project is not just an investment but a commitment to valorize and redefine hospitality in Italy and abroad." His vision aims to merge the various hospitality experiences provided by LMDV with the legendary Twiga brand.
Flavio Briatore, who has overseen Twiga’s growth as an emblem of luxury entertainment, commented on handing over the reins: "Twiga has been an icon of luxury entertainment and one of the most prestigious brands of our group. Today, it is time to entrust it to an entity capable of enhancing its future with an ambitious and structured vision." This comments signify Briatore's confidence in Del Vecchio's capability to develop the brand even more.
For LMDV Hospitality, this acquisition is more than just taking over locations; it allows them to integrate Twiga with existing brands such as Casa Fiori Chiari, Trattoria del Ciumbia, and Vesta. This will create synergies across the board and streamline operations, enhancing the overall guest experience.
Architectural transformations are already underway, with plans involving renowned architect Stefano Belingardi to revamp the spaces at Montecarlo and Porto Cervo, as well as design improvements for the flagship location in Forte dei Marmi where the current restaurant Vesta will be moved inside Twiga. The previous dining space will be converted to the new beach establishment Casa Fiori Chiari.
Following this merger, LMDV Hospitality anticipates increasing its revenue significantly. So far, the group is projecting earnings to rise from about 50 million euros to upwards of 60 million euros, largely attributed to the revamped offerings and strategic expansions. Marco Talarico, CEO of LMDV Capital, highlighted the ambition behind this shift, saying, "LMDV Hospitality is not merely about expansion, but redefining hospitality standards combining dining, entertainment, and lifestyle to create iconic destinations capable of setting trends and attracting international audiences."
The integration of Twiga not only boosts LMDV’s visibility on the luxury hospitality market but also continues to sustain current employment, ensuring around 600 employees remain as part of this distinctive new phase.
With Twiga’s new chapter beginning under LMDV’s management, it is poised to become not just another destination but rather, as Briatore anticipates, "a new era" of hospitality, combining the essence of luxury dining and entertainment.
Anticipated milestones include the grand opening of the new Milan location, integrating local culture with the Twiga ethos, illustrating the brand’s commitment to evolve and expand its reach. The strategic steps taken by Del Vecchio and his team aim to establish Twiga not just as a brand but as a lifestyle experience, appealing to both local clientele and international guests.
This merger encapsulates the modern reinvention of luxury hospitality, marking Twiga's transition from Briatore's stewardship to Del Vecchio's innovative ambitions. The future of Twiga seems bright as it steps onto the global stage under LMDV’s visionary direction, with the promise of exciting developments on the horizon.