Fondo Strategico Italiano SpA said June 15 that the Missoni family of Italy agreed to sell its 41.2% stake in its fashion company Missoni SpA to the Milan-based private equity firm for an undisclosed amount.
Upon completion of the transaction, the Missoni family, who founded the fashion house in 1953, will continue to have control of the company with 58.8% of the shares.
FSI said the investment will mainly consist of a capital increase, with no financial leverage on Missoni. The firm added that the partnership will allow Missoni to compete with global fashion and luxury leaders through an adequate organizational structure and size.
As part of the deal, FSI industrial partner Michele Norsa, former CEO of Salvatore Ferragamo SpA and Valentino Fashion Group SpA, will become vice chairman of Missoni. The fashion house's board will include Angela Missoni as chairman and Luca Missoni and Giacomo Missoni as directors. Rosita Missoni will also continue as honorary chairman of the company.
FSI said the company's growth plan will center on international expansion, product range extension and the strengthening of its retail channel.