Clessidra hires LVMH senior exec Trapani


watch-timeFormer LVMH senior executive Francesco Trapani has reportedly been hired by Italian private equity firm Clessidra as an industry expert.

Clessidra chairman and chief executive Claudio Sposito told Reuters the hire would not mean more jewellery deals for the firm, which was more interested in high-end consumer goods, leather goods and apparel.

It said Trapani joined LVMH in 2011 when he sold his family business Bulgari to the luxuries group. He resigned as group head of watches and jewellery on March 1, it added.

Last November it emerged that Clessidra would reduce the size of its most recent fund by 20 per cent.

Clessidra reduced the vehicle by €300m to €1.1bn after holding discussions with LPs, said Bloomberg, citing two people with knowledge of the matter.

The decision had to do with concerns that the firm may not be able to deploy the entire fund before the investment period ends in the last quarter of 2014, said one of the sources.

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