MVC Group names new chief executive

Italian-based MVC Group, a leading player in performance cycling and outdoor sportswear, owned by the Cremonese family and the Equinox fund, has appointed Emilio Foà as its new chief executive officer.

The group, headquartered in Fonzaso, Italy, is a well-known player in cycling and outdoor sportswear, including hiking, mountaineering, climbing, ski mountaineering and cross-country skiing, with brands such as Castelli, Sportful, Karpos and Zoot. It operates in 75 countries worldwide, and in 2024, it reported consolidated revenues of approximately 110 million euros and an EBITDA margin of around 14 percent.

MVC Group was founded in 1946 by the Cremonese family, which still leads the company with its third generation. The Equinox Fund, an independent private equity firm focused on Italy, acquired a 40 percent stake in 2019.

In a statement, the MVC Group said Foà, who has significant international experience with more than 20 years in London in prominent global groups, including Burberry, Gucci, and Benetton Group, and more recently as chief executive at OKA and then at Ottolenghi, has been brought on to reinforce its strategic decision “to professionalise and internationalise MVC Group”.

Foà also brings solid expertise in the cycling sector, particularly gained at Rapha, where he oversaw the global development of the cycling lifestyle brand through a multi-channel strategy, and he supported the founder through the company’s sale process.

Commenting on his new role, Foà said: “I am honoured to join MVC Group, a historic company that has made an indelible mark in the world of sport with internationally renowned brands in sportswear and outdoor such as Castelli, Sportful, Karpos, and Zoot. I acknowledge the significant responsibility entrusted to me and express my sincere gratitude to the Cremonese family for their confidence and the opportunity to lead the group during this new phase.

“Together, we will strive to further strengthen the group’s competitiveness as global player, investing in long-term strategies aimed at preserving the distinct identity and heritage of the brands, while seizing new growth opportunities.”

MVC Group to drive growth internationally with the appointment of Emilio Foà as CEO

Following Foà’s appointment, Alessio Cremonese will step down as CEO of the MVC Group and take on the role of executive chairman, with specific delegated powers representing the shareholders, as part of the group’s governance reorganisation.

Cremonese said: “After six years at the helm of MVC Group, during which we have further developed and strengthened the business and met significant challenges, my family, Steve Smith, and I have come to believe it is time to look ahead to the future of our company and take the next step in its development and growth.

“With Emilio’s arrival, MVC Group is ready to embrace new challenges in a global market; his international experience is perfectly aligned with our expansion goals. We are pleased to welcome a highly skilled executive who has chosen to embrace an ambitious project like MVC Group.”

Giorgio Mercogliano, Managing Partner at Equinox, added: "We are very pleased to be working with an experienced executive like Emilio as we enter a new and enhanced phase of MVC Group's development.

“We are confident that, thanks to his leadership and expertise, we will be able to seize the significant growth opportunities offered by the cycling and outdoor sectors, not only in Italy but above all internationally, while fully leveraging the group’s internal assets and talent."