Luxury group Aeffe has taken full control of Italian label Moschino by snapping up the remaining 30 percent of the brand.
Aeffe first bought a 70 percent stake in Moschino in 1999 following the death of the brand’s founder, Franco Moschino.
Prior to that, and since Moschino’s founding in 1983, Aeffe had been its license partner, responsible for the production and distribution of its women's and men's collections.
But now the group, which also owns labels Alberta Ferretti, Philosophy di Lorenzo Serafini, and Pollini, has raised its stake to 100 percent, which the company said is an important step in its strategy to further integrate women’s collections into Aeffe Group.
Aeffe takes full ownership of Moschino
The price of the acquisition amounts to 66.6 million euros, which Aeffe said it will pay for through a mix of cash, credit lines and new medium to long-term loans.
“The operation we have just concluded has long been considered an important step in our medium-long term growth strategy,” said Aeffe executive chairman Massimo Ferretti in a statement.
“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,” he added.