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November 29th, 2012 @ 11:04 AM
Cacharel Unveils New CEO, in Major Corporate Revamp
November 21st, 2012 @ 00:56 AM
Kane Drops Out of Versus in Major Shake-up
November 20th, 2012 @ 10:14 AM
Pucci’s Madison Avenue Store Debuts Massive Expansion
November 16th, 2012 @ 00:35 AM
Ghesquière Departs Balenciaga in Major Surprise
November 05th, 2012 @ 00:43 AM
Sao Paulo Fashion Week: Between Optimism and Fear
November 02nd, 2012 @ 00:28 AM
London Unveils Men’s Season Schedule
November 01st, 2012 @ 00:36 AM
Azzaro Releases Castello Branco
October 25th, 2012 @ 00:18 AM
Revenue Soars 22 Percent at LVMH in First Three Quarters
October 16th, 2012 @ 00:18 AM
Rykiel Names Geraldo da Conceicao Artistic Director
September 21st, 2012 @ 8:12 PM
Brazil’s New London Pop-Up
September 21st, 2012 @ 7:20 PM
McQueen Men Returning Home to London
September 12th, 2012 @ 7:19 PM
Roitfeld, Mum and Son, Open in Brazil
September 07th, 2012 @ 00:54 AM
Berluti Opens to Big-Time Business in London
September 06th, 2012 @ 3:27 PM
Stefano Pilati Back with a Bang at Zegna
September 05th, 2012 @ 7:10 PM
Hugo Boss Wows in Berlin, Plans for New York
July 06th, 2012 @ 00:17 AM
Salvatore Ferragamo: Crusin’ the Louvre
June 13th, 2012 @ 11:04 AM
Michel Klein Gains New Backer; Launches Sunglass Collection
June 13th, 2012 @ 00:48 AM
Sykes Jettisoned by Aquascutum; Maurer In at Rabanne
June 06th, 2012 @ 00:18 AM
Armani Conquers China, Chastises the Pope
June 01st, 2012 @ 11:53 AM
Brioni Family Buys Back Control of Brand
June 20th, 2007 @ 00:55 AM - Florence
At a moment when hedge funds and private equity firms are again snapping up fashion and luxury labels, the Brioni family has bought back full control of the house bearing their ancestor’s name.
The move would appear to place Brioni, long an acquisition target for those same funds, outside the reach of a potential predator.
The heart of the deal is that Umberto Angeloni and Gabriella De Simone agreed to sell their 17 percent stake in Brioni Roman Style S.p.A "to other family members." Financial terms of the transaction were not disclosed.
Angeloni quit as Brioni chief executive officer last summer after a heated difference of opinion on strategy.
In keeping with tradition at this traditional firm, the press release did not actually state which members of the family had participated in the buy-back of Brioni, a maker of power suits known for dressing Daniel Craig in the latest James Bond.
However, a spokesperson for the firm said some nine family member participated in the acquisition, including Andrea Perrone, a Brioni board member, its director of franchising and a grandson of Brioni cofounder Gaetano Savini. Also taking part in the buy-back was Antonella De Simone, sister of Gabriella.
Brioni stressed that the new shareholding structure resulting from the transaction was still being finalized.
"The share purchase is in line with our growth strategy as an independent luxury brand," Perrone said in a release.
Closely held Brioni does not release sales figures, though Perrone has previously said his goal was to breach 200 million Euros in sales by the end of this year.
"We are confident in our future," added Antonella De Simone, who oversees marketing and communication at the company, based in Penne, in Italy.
The company said it was planning to make further future investments in order to continue its international expansion program, which in the past 12 months has already seen growth of Brioni’s presence in the United States with an in-shop presence at Saks Fifth Avenue (New York), a larger selling space at Bergdorf Goodman (New York) and a new boutique in Bal Harbour.
Outside the US, Brioni has also notched openings in Russia, Dubai, India, and Azerbaijan. And in the pipeline over the coming months Brioni will open new stores in Malaysia, Kazakhstan and Hong Kong.