MILAN — The sale of accessories brands Mandarina Duck, Braccialini and Francesco Biasia continues to fuel M&A fever here, following the Zeis Excelsi’s acquisition of Dirk Bikkembergs reported earlier this week.
Korean fund E-Land has taken control of Cadriano, Italy-based Mandarina Duck for about 25 million euros, or $35 million at current exchange, and the closing is expected within the end of the month. In 2008, Mandarina Duck was incorporated under the Antichi Pellettieri umbrella, the leather goods unit that belonged to the now bankrupt Mariella Burani Fashion Group. On Friday, Antichi Pellettieri took full control of Mosaicon, which owned the Braccialini and Biasia businesses, from private equity fund 3i SGR for 7.5 million euros, or $10.5 million. This agreement, said an industry source, allows the state-appointed administrators of the Burani group to move forward with the sale of the two accessories brands to a pool of investors formed by the Braccialini family and the Sici private equity fund. This is being finalized for a total amount of 20 million euros, or $28 million. Handbags firm Coccinelle remains part of Mosaicon.
E-Land, which formed a joint venture with Kate Spade in Mainland China and has more than 40 retail nameplates, is gradually forming a fashion conglomerate, as it has over the past year bought Italy’s sportswear brand Belfe and footwear group Sutorio-Lario, which includes the Lorenzo Banfi label.
In addition to its own namesake brand, Braccialini produces handbags under license for Vivienne Westwood, Amazon Life and Looney Tunes, and controls the historical Gherardini label. Earlier this summer, Gherardini recruited designer Damiano Biella, previously Escada’s creative director, who also worked at Valentino and Carolina Herrera before that.
Marking a progressive restructuring under the administration of three state-appointed commissioners, a new Mariella Burani boutique opened in Rome in March, located on the prestigious Via Borgognona, on the corner of the city’s iconic Spanish Steps.
This new retail footprint followed the unveiling in February of a new 2,160-square-foot showroom in a stately Milan palazzo near the city’s golden shopping triangle.
In March 2010, Italy’s Ministry of Economic Development granted bankruptcy protection to parent company Mariella Burani Fashion Group and appointed Giampiero Martini, Rossella Strippoli and Francesco Ruscigno to manage the group, which was weighed down by debts of more than $600 million. In July of last year, Walter Burani and his son Giovanni were placed under arrest as part of a wider ongoing investigation into fraudulent bankruptcy.
At a hearing earlier this year, 141 shareholders requested to bring a civil action in the proceedings and have asked for the confiscation of the Buranis’ properties. The arrests were requested by Milan prosecutors Luigi Orsi and Mauro Clerici, who have been investigating parent company Burani Designer Holding for fraudulent bankruptcy.
The administrators have been cleaning up the business, inking licenses to produce the MV Matthew Williamson and Ungaro Fuchsia diffusion lines unveiled earlier this year. MBFG also signed a license to manufacture and distribute the Alessandro Dell’Acqua line, which is no longer owned by the namesake designer.
MBFG has over the years held licensing agreements with firms such as Valentino, Calvin Klein, La Perla and Vivienne Westwood. MBFG was listed on the Milan Stock Exchange.
The task is for the administrators to sell the Mariella Burani brand and factory by January 2012, in addition to Antichi Pellettieri.
@chanel and @pharrell dropped what’s being dubbed as the world’s most exclusive sneakers yesterday. The Adidas Originals NMD Hu, which Williams designed in collaboration with Chanel and @adidasoriginals, has a waiting list of over 120K people who pre-registered online at chanelatcolette.fr –– and only 500 pairs are on sale. The singer predicted the resale value of the shoes could reach $40K. Read the full interview on WWD.com. Link in bio. #wwdfashion (📷: Dominique Maître)
@imanshumpert is diving deeper into his creative endeavors and relaunching his clothing line, Post 90s, and is helping to raise money for the hurricane victims in St. Maarten with a jersey he’s designed with his brother. The Cleveland Cavaliers player talked to WWD about kneeling during the national anthem, working with fashion brands and how he wants to be more than an @nba player. Read the interview on WWD.com #wwdfashion (📷: George Chinese)
Not only does #TheProfit return to CNBC tonight, but @marcuslemonis has launched @shopmarcus, a new shopping and lifestyle retail experience in Aspen and Chicago, with more locations to come. The retail stores offer in-store stylists and a variety of contemporary womenswear selections.
“It’s life, I’m going to face it,” @mingxi11 sighed. “I fell, but you know, I think the most important thing is that I get back up. I had the love, the help from my sister — the girl next to me Gizele [Oliveira] — she’s so nice. When I went backstage everybody was trying to comfort me like ‘Oh Ming, it’s OK.’ I’m really, really touched. I think it’s them who gave me the courage to go back on stage for the finale,” Xi told WWD of her fall at the @victoriassecret fashion show. (📷: David Fisher) #wwdfashion #vsfashionshow #victoriassecret
@louisvuitton tapped @therealpeterlindbergh for its latest city-centric photo book, which is part of a series called Fashion Eye. The primarily black and white book captures the spirit of Berlin in 57 images shot between 1989 and 2019. “Berlin is an inspiration for me, more than a city. I mean @millajovovich is simply Berlin!” said Lindbergh. #wwdfashion
“You know, I think audiences expect a certain performance so I have to deliver to them what they’re expecting to a certain degree. But I’m also a different actor and a different person, I have my own spin on the character,” says @noahegalvin of his takeover of the leading role in “Dear Evan Hansen” following the departure of @bensplatt, who originated the role. Read WWD’s interview with the 23-year-old actor on WWD.com #wwdeye (📷: @jilliansollazzo)
For pre-fall 2018, @etro created richly-colored wonderland, using tapestries, textiles and wallpapers from the Eastern world at large. The line featured floral and graphic prints and jacquard motifs, like this two-piece look featured here. #wwdfashion (📷: Giovanna Pavesi)
@kith is moving into children’s. The men’s and women’s streetwear brand has launched Kidset, a Kith kids line located in New York at 64 Bleecker Street. The line includes mini versions of staple Kith pieces like the Astor bomber jacket and the Kith box logo sweatshirts, along with a wall that can display up to 120 pairs of shoes from @adidas, @newbalance, @timberland and more. #wwdfashion
“I just wanted to create this fully rounded character, but I do think what excited me most was just the opportunity to give a group of people representation that I feel needs it. I like to do characters in projects that stand for something and Karolina definitely does, so that was really exciting to me,” @ginnygardner says of her new role in @hulu’s “The Runaways.” Gardner plays Karolina Dean, a queer superhero, which is a rarity for @marvel. Read more about Gardner’s character on WWD.com #wwdeye (📷: @dandoperalski)