Missoni says family will remain in control after sale of 41.2% stake
The Missonis have sold a 42.1% stake in their luxury fashion business to Italian state-backed private equity house FSI (Fondi Strategico Italiano) for €70m but has pledged "the family will reman in control" following the deal.
Founded by Rosita and Ottavio Missoni in 1953 the business is known for its colourful, striped knits, and the deal has been structured to enable it to become “a modern and global player with an adequate organisational structure and size to compete in the global fashion and luxury industry”.
Rosita Missoni will remain as honorary chairman and Angela Missoni, her daughter, will remain chairman of the group and creative director. The latter told a press conference that the family remained in control of the business, however a new vice-chairman, Michele Norsa, the former CEO of Salvatore Ferragamo, has been appointed.
FSI has said that the long-term aim would be to seek a stock-market listing for the business and Norsa has experience of the process having floated Ferragamo in 2011.
The news comes one day after it was revealed that Dries Van Noten, another of the last remaining independent luxury designers, had agreed to sell a majority stake in his business to Spanish fashion and fragrance group Puig. Van Noten remains a minority shareholder in the business and will continue as creative director.
Industry watchers say the pace of change in technology and in globalisation makes its more difficult for family-owned and independent luxury labels to compete when faced with rivals who are part of large global conglomerates such as LVMH, Richemont and Kering.