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: @longchamp is planning to stage its first official runway show at New York Fashion Week this fall. The French leather goods firm has expanded into ready-to-wear as part of its repositioning as a lifestyle brand. The show, scheduled for September 8, will also cap the brand’s 70th anniversary celebration. Get all the details on WWD.com. #wwdnews #wwdfashion (📷: @dominiquemaitre)
The Duke and Duchess of Sussex undertook their first overseas engagement as a married couple in Dublin. The trip included multiple events and outfits changes, including this black dress by @emiliawickstead that Meghan Markle wore for a party at the British Ambassador’s home. #wwdfashion #royals
At 20 years old – and with an estimated net worth of $900 million - @kyliejenner is the youngest person to ever make @forbes’ annual list of America’s Richest #SelfMadeWomen. “It’s incredible to be recognized for something I’m so passionate about, and I’m really grateful for that. I’ve always loved makeup and worked really hard to bring the first lip kit to the market,” said Jenner on founding @kyliecosmetics. See who else is on the list on WWD.com. #wwdnews #wwdbeauty (📷: @rainerhosch)
“The collection is inspired by Tulum and the Mayan Riviera – its laid-back luxury, life of cabanas, untouched coastline, natural habitats, exotic cocktails and jungle parties with renowned DJs,” said Matteo Maniatty, creative director and cofounder of @descendantofthieves, on the brand’s inspiration for its latest collection. See more designer sketches and inspirations on WWD.com. #wwdfashion #nyfwmens #nyfw
@riccardotisci17 is releasing a limited-edition capsule collection as part of his anticipated runway debut for @burberry in September. Delivered in a series of instant drops, this is the second Burberry capsule collection announced since Friday, when Tisci broke the news on his collaboration with @viviennewestwood. Get all the details on WWD.com. #wwdfashion #wwdnews
“It’s like a Cinderella story. You get a little fake, you get a little real, you put it together and voilà,” said legendary rapper Slick Rick, who helped pioneer the merge of luxury and streetwear. WWD’s @ariahughes spoke to @therulernyc about his jewelry collection, his collaboration with @bally and how the industry has evolved – link in bio. (📷: @kristaschlueter)
@ragandbone and @eminem are teaming up on a special capsule collection of streetwear pieces. Sold at a one-day pop-up in London’s Soho on Friday, the collection features three different T-shirt designs and a hoodie. The capsule is set to kick off the rest of Eminem’s shows in his European Revival Tour, which ends on Sunday. Get all the details on WWD.com. #wwdfashion