MILAN — The Italia Unbiased model has a brand new proprietor.
Modo Group, an eyewear firm based in New York in 1990 by Alessandro Lanaro that operates the Modo and Eco manufacturers distributed in about 80 nations, has acquired the eyewear label based in 2006 by Lapo Elkann.
The worth of the transaction amounted to 1 million euros, in response to paperwork obtainable on Italy’s bourse watchdog Consob’s web site.
The acquisition is proscribed to the Italia Unbiased model, and it doesn’t contain Italia Unbiased Group SpA, the publicly listed firm that operated the eyewear agency till earlier than the transaction was sealed on Tuesday.
“I’m glad that Modo Group acquired the model Italia Unbiased. I’m certain that Alessandro [Lanaro] and his crew, robust of their monitor file, will be capable of evolve the model I based and to which I’ll at all times stay hooked up,” Elkann mentioned.
It couldn’t instantly be discovered whether or not the Fiat scion and grandson of the late Gianni Agnelli will stay concerned within the model’s operations in some capability.
“I’ve at all times admired the unbelievable success of Italia Unbiased from the very starting, and we’re proud to take cost of its future and to have the chance to make a major contribution to the model’s improvement,” mentioned Lanaro, founder and chief government officer of Modo Group.
The corporate mentioned it plans to spice up the eyewear model’s worldwide footprint, leveraging its group headquarters in Milan, New York and Stockholm.
“Modo Group and Italia Unbiased have at all times shared the need to face out from the gang; our goal is to reunite the good neighborhood that Italia Unbiased has created through the years, each within the optical sector and amongst finish customers,” Lanaro added.
The manager will fold in administration duties for Italia Unbiased along with Giovanni Lo Faro, CEO of Modo Worldwide, the corporate that distributes the Modo and Eco manufacturers.
“This acquisition combines two complementary forces that mix nicely collectively. Reactivating the vitality and the magic of the model and driving it into lasting progress is an thrilling problem for us,” Lo Faro mentioned.
The brainchild of Elkann, Italia Unbiased managed to seize the zeitgeist within the first years of its basis, experimenting with carbon fiber frames and its signature velvety sun shades. Closely reliant on its founder’s picture and magnificence, it expanded its attain by way of a number of collaborations and licensing offers through the years with, amongst others, Hublot, Adidas, The Walt Disney Firm, Billionaire Boys Membership, Juventus and Fiat 500. In 2020 it inked a five-year world license with soccer famous person Cristiano Ronaldo for the event and manufacturing of eyewear underneath the participant’s CR7 model.
In 2015 Italia Unbiased Group SpA was hit by monetary troubles, which required the corporate to restructure by decreasing prices and reinforcing the product providing. Regardless of a number of efforts from its shareholders, the corporate ultimately filed for a composition with collectors process in mid-2022 authorized by an Ivrea, Italy Court docket.
As a part of it, Italia Unbiased Group SpA commenced the seek for a possible purchaser of its property, specifically the eyewear model, earlier than being put into liquidation.
Elkann owns 49.25 p.c within the Italia Unbiased Group SpA firm, after Artistic Ventures Srl acquired a 29.58 curiosity in Italia Unbiased Group SpA in 2019. The corporate is listed on the AIM Various Market of Capital phase of the Milan Inventory Trade.