Missoni has sold a minority stake in the company to an equity fund.
The Varese-based fashion house, known for its colourful knitwear designs, was founded by Ottavio and Rosita Missoni in 1953 and is now controlled by son Luca and daughter Angela Missoni.
However, on Friday (15Jun18) a representative for the brand announced that the Missoni family had sold a 41.2 per cent stake to Italian state-backed private equity group Fondo Strategico Italiano (FSI).
“I am happy. I see a better stronger future for my children,” Rosita told The Financial Times of the deal, with a brand spokesperson adding that the new partnership would see Missoni become “a modern and global player with an adequate organisational structure and size to compete in the global fashion and luxury industry”.
The remaining shares will remain with the Missoni family members, with the investment carried out primarily through a capital increase.
In addition, former managing director of Salvatore Ferragamo, Michele Norsa, has been appointed as deputy chairman of Missoni.
Last year, Angela celebrated 20 years as creative director of business, expanding the brand to include eveningwear, swimwear and accessories, over the years. Luca is in charge of the company’s art projects and archives. Eldest brother Vittorio Missoni, who previously led the business aspects of the brand, was killed in a plane crash in 2013.
The deal comes one day after Belgian designer Dries Van Noten announced that he had sold a majority stake in his label to Spanish fashion conglomerate Puig, after holding his company privately for 32 years.
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