Coin Group said Friday that the sale of luxury department store Excelsior Milano to Chinese retail group Canudilo Fashion & Accessories Co. Ltd. has been suspended.

Last June, Canudilo’s parent company Modern Avenue Group offered 21.3 million euros, or $23.6 million at current exchange rate, to complete the acquisition.

According to a statement released by Modern Avenue Group, Canudilo and Coin “will further explore other ways to cooperate, taking into account their respective resource advantages.”

In particular, a Coin spokesperson said that “Modern Avenue Group asked Coin Group to acquire a significant minority stake [in Excelsior] and the hypothesis is under evaluation.”

Modern Avenue, which last June acquired a 51 percent stake in Dirk Bikkembergs through Canudilo, is set to open under license an Excelsior store in Macao on Sept. 13. The selection of the brands and collections to be sold in the unit will be made by Antonia’s owner Antonia Giacinti and Maurizio Purificato, who already operate Excelsior’s fashion floors in Milan.

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