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Italy's Aeffe buys remaining 30% stake in Moschino for full ownership

29 Jul '21
2 min read
Pic: Moschino
Pic: Moschino

Italian luxury fashion company Aeffe has acquired fashion house Moschino’s remaining 30 per cent stakes, that it did not hold, to take full ownership of the company. The transaction is part of the strategy to integrate Moschino’s women’s apparel collections into Aeffe Group. The transaction has amounted to €66.5 million, of which €30 million has been paid.

The remaining amount will be paid by November 30, 2021. The fairness of the price was confirmed by an independent fairness opinion issued by Deloitte Financial Advisory on July 22, 2021, Aeffe said in a press release.

Massimo Ferretti, executive chairman of Aeffe, said: “The operation we have just concluded has long been considered an important step in our medium-long term growth strategy. With the full control over Moschino brand, we are now in the best conditions to manage all activities related to the brand’s value chain, from product to quality and with positive effects on image, distribution and communication”.

Moschino is a pret-a-porter Maison founded by Franco Moschino in 1983. Since then, the license for the production and distribution of women's and men's collections has been entrusted to Aeffe. In 1999, Aeffe took over 70 per cent of its shares.

For the transaction, Aeffe used cash on hand for €12 million, existing credit lines for €18 million and will use new medium/long-term loans for €36.571 million.

Aeffe Group was assisted for the legal aspects by Studio Orsingher Ortu - Avvocati Associati and for the tax aspects by Studio CLA Consulting, while Mediobanca acted as an advisor. The Sinv Group was assisted by lawyer Paolo Tanoni and by Studio DLA Piper with a team led by lawyer Alessandro Piermanni.

Fibre2Fashion News Desk (KD)

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