MILAN— Mr & Mrs Italy has a new partner. Magnolia, the holding company owned by Fabio Leoncini and Andrea Bucalossi, has inked an agreement to sell 30 percent of Duemmei, which controls the Mr & Mrs Italy brand, to Chinese private equity firm Hony Capital.As per the agreement, Leoncini and Bucalossi, who holds the role of chief executive officer, will continue to manage and develop the brand. Financial details of the deal were not disclosed.Mr & Mrs Italy was founded in 2007 and is known for its luxury outerwear and fur-trimmed parkas. Its products are entirely made in Italy. The company has men's and women's collections and expects to close 2017 with revenues of 57 million euros. International markets account for more than 80 percent of total. The partnership with Hony Capital is meant to further strengthen the international development of the brand and its strategic positioning on the Asian market.As reported in June, Mr & Mrs Italy is aiming at doubling sales to $100 million in the next five years.The company is based in Rimini, Italy. Head of style is Geraldina Bassani Antivari. Since joining the company four years ago, sales have increased from $1.5 million to $47 million.Mr & Mrs Italy opened its first freestanding store in 2014 in Milan. The brand is distributed worldwide through a network of more than 300 multibrand stores, along with nine directly operated stores and four franchised ones, by the end of year. There are banners in New York, on Madison Avenue; in Miami at Bal Harbour; two in Hong Kong, and units in Shanghai and Beijing.With average retail prices ranging from $3,000 to $5,000 for outerwear, the label offers embroidered fur-trimmed track suits, athleticwear, sportswear and such accessories as handbags and fur-trimmed slides. Gigi Hadid and Rihanna were a few of the first celebrities who spontaneously wore the label publicly.The detachable fur-lined hoods of hoodies have become popular with women, especially in Asia.Hony Capital, founded in 2003 and sponsored by Legend Holdings, specializes in buyout investment. It has $10 billion in assets under management. The investors of Hony Capital include Legend Holdings, the Chinese Academy of Sciences Holdings, the National Social Security Fund, China Life Insurance and leading investment institutions such as Goldman Sachs, Temasek, European and U.S. pension funds and endowment funds. It has made more than 90 investments through more than 14 years of investment practice. Hony's target industries include consumer, tourism, media and technology, health care and advanced manufacturing. Hony has been actively investing in cross-border deals since the buyout of CIFA, an Italy-based construction machinery company, with the portfolio company Zoomlion in 2008. The most recent cross-border investments include U.S.-headquartered coworking office space pioneer WeWork, U.K. casual dining chain PizzaExpress and Hollywood film studio STX.The Focus Team Private Equity of BonelliErede assisted Hony Capital in the deal, while Latham & Watkins worked with the selling party.
EXCLUSIVE: Two and half months after John Targon, cofounder and codesigner of Baja East, was hired as creative director of the contemporary division at Marc Jacobs, he has left the company, WWD has learned. Marc Jacobs International, which is owned by LVMH Moët Hennessy Louis Vuitton, confirmed Targon’s departure in a statement: “John Targon is a talented designer and we appreciate the work he has done here. Ultimately working together did not make sense for the brand and we wish him the best.” Read the story by @jessiredale, link in bio. #wwdnews
@theluxurycollection is officially launching a collection, tapping Sofia Sanchez de Betak for the capsule. Over 30 styles will be featured in the Chufy x The Luxury Collection, debuting next month at Bergdorf Goodman, The Webster, FiveStory and more. De Betak, known as “@chufy,” drew inspiration for the collection from her trips to Japan in the past year #wwdfashion
@lhd, founder and CEO of @thewebster, has teamed up with @lebonmarcherivegauche for the European launch of her ready-to-wear line, LHD. The launch will come with an exclusive pop-up opening today that’s set to run through May 20. Located on the second floor, it carries her debut Miami-themed resort collection, launched in November as see-now-buy-now. #wwdfashion
@longchamp, which marks its 70th anniversary this year, just opened its biggest U.S. store on Manhattan’s Fifth Avenue. On the lower level there’s a floor-to-ceiling display of the brand’s iconic Le Pliage bag – in all of its different colors, shapes and sizes. Customers can also have their product personalized in-store by imprinting names, initials or emblems. #wwdfashion (📷: @ericmtownsend)
“Whenever I’m in that place of sound and music, I don’t have fear or nervousness…This album has a lot of themes of courage and boldness and I want to be the soundtrack for people’s lives. I’ll be so happy if [my songs] evoke strength in people, which I know music has done for me,” says @kimbramusic of her newest album “Primal Heart.” The New Zealand-born singer sat down with WWD to talk about her music, newest tour and connecting with hear fans — read more on WWD.com #wwdeye (📷: @jilliansollazzo)
Luxury handbag resale company @rebagofficial is planning to sell a rare collectible for $70,000: the @hermes White Crocodile Himalayan Birkin. The exclusive Birkin sold for about $100,000 in 2008, when @davidbeckham bought one for his wife @victoriabeckham to add to her collection. Read more about the rare Birkin on WWD.com #wwdaccessories
With her costume pearl necklace and what-you-see-is-what-you-get style, Barbara Bush, who died Tuesday at age 92, was a straight-shooter from start to finish.
Born Barbara Pierce in New York City, Bush served as the 37th first lady, as well as the country’s second lady from 1981 to 1989. In addition to being part of the longest presidential marriage — 73 years — Bush also had the unlikely distinction of having one son, George W., become the 43rd president and another son, Jeb, run unsuccessfully in 2016. Having served as second lady during the Reagan administration’s two terms and lived all over the world during her own husband’s ascending political career, Barbara Bush made it clear that literacy — not fashion — was her priority. Read more from Rosemary Feitelberg’s obituary on the late First Lady in WWD.com, link in bio. #barbarabush #wwdnews
Western and ’90s trends have influenced denim for fall 2018. Think raw, dark and coated jeans mixed with bold prints and tough leather. #trendtuesdays #wwdfashion (Styled by @thealexbadia;📷: @ryanplett)