MILAN — FGF Industry SpA, the company owned by designer and entrepreneur Enzo Fusco and produces and distributes Blauer USA, BPD, Prince Tees and Ten c, has sold C.P. Company to Chinese company Tristate Holdings Ltd.
Founded in 1975 by Italian designer Massimo Osti in Bologna, the brand built up a following with military-inspired silhouettes and goggle jackets — with driving glasses built into their hoods — and became known for its functional sportswear. FGF acquired the label in 2010 from Sportswear Company SpA, which is owned by Carlo Rivetti.
Contacted by WWD, Fusco said the sales agreement was finalized on Nov. 11 for an undisclosed amount. “I decided to sell C.P. because, even if it’s a great brand and I really believed in it when I bought it, I needed major investments to become more global — to be even more relevant in the world.”
Fusco expects his company to close the year with small profits, also due to C.P. Company’s cost-intensive trademarks each year, which is one of the reasons Fusco decided to sell.
“I know the people of Tristate Holdings Ltd., which is registered at the Hong Kong stock exchange,” Fusco said. “They have a culture and interest for Italian products. I found that they were the right people, because they have the financial tools to make the brand grow.”
Tristate, an apparel manufacturer that produces for upper market sportswear and prêt-à-porter brands, plans to maintain the base of the company close to FGF, as well as its existing product and design team. Creative directors Paul Harvey and Alessandro Pungetti and product manager Stefano Polato will continue to work for the label under the direction of president Massimiliano Tosi and marketing director Lorenzo Osti, new shareholder and son of the brand’s founder.
Fusco will continue to play a part in the future of the brand. “C.P. Company will remain in Italy and open fairly close to us. Since I have a great relationship with the group, I will accompany them for two seasons in order to make sure that nothing changes, especially the quality,” he said.