Lapo Elkann’s Italia Detached Eyewear Emblem Offered to Modo Team – WWD

MILAN — The Italia Independent brand has a brandnew proprietor.

Modo Team, an eyewear corporate based in Unutilized York in 1990 through Alessandro Lanaro that operates the Modo and Eco manufacturers dispensed in about 80 nations, has received the eyewear label based in 2006 through Lapo Elkann.

The worth of the transaction amounted to one million euros, in keeping with forms to be had on Italy’s bourse watchdog Consob’s website online.

The purchase is proscribed to the Italia Independent logo, and it does now not contain Italia Independent Team SpA, the publicly indexed corporate that operated the eyewear company till sooner than the transaction was once sealed on Tuesday.

“I’m glad that Modo Group acquired the brand Italia Independent. I am sure that Alessandro [Lanaro] and his team, strong of their track record, will be able to evolve the brand I founded and to which I will always remain attached,” Elkann mentioned.

It will now not straight away be discovered whether or not the Fiat scion and grandson of the past due Gianni Agnelli will stay concerned within the logo’s operations in some capability.

“I have always admired the incredible success of Italia Independent from the very beginning, and we are proud to take charge of its future and to have the opportunity to make a significant contribution to the brand’s development,” mentioned Lanaro, founder and eminent govt officer of Modo Team.

The corporate mentioned it plans to spice up the eyewear logo’s world footprint, leveraging its team headquarters in Milan, Unutilized York and Stockholm.

“Modo Group and Italia Independent have always shared the desire to stand out from the crowd; our aim is to reunite the great community that Italia Independent has created over the years, both in the optical sector and among end consumers,” Lanaro added.

The manager will line in control tasks for Italia Detached along with Giovanni Lo Faro, CEO of Modo World, the corporate that distributes the Modo and Eco manufacturers.

“This acquisition combines two complementary forces that blend well together. Reactivating the energy and the magic of the brand and driving it into lasting growth is an exciting challenge for us,” Lo Faro mentioned.

The brainchild of Elkann, Italia Detached controlled to seize the zeitgeist within the first years of its substructure, experimenting with carbon fiber frames and its signature sleek shades. Closely reliant on its founder’s symbol and elegance, it expanded its succeed in by the use of a number of collaborations and licensing offers over time with, amongst others, Hublot, Adidas, The Walt Disney Corporate, Billionaire Boys Membership, Juventus and Fiat 500. In 2020 it inked a five-year international license with football famous person Cristiano Ronaldo for the advance and manufacturing of eyewear beneath the participant’s CR7 logo.

In 2015 Italia Detached Team SpA was once collision through monetary troubles, which required the corporate to restructure through lowering prices and reinforcing the product providing. In spite of a number of efforts from its shareholders, the corporate ultimately filed for a composition with collectors process in mid-2022 licensed through an Ivrea, Italy Court docket.

As a part of it, Italia Detached Team SpA commenced the seek for a possible purchaser of its property, particularly the eyewear logo, sooner than being put into liquidation.

Elkann owns 49.25 p.c within the Italia Detached Team SpA corporate, nearest Ingenious Ventures Srl received a 29.58 pastime in Italia Detached Team SpA in 2019. The corporate is indexed at the AIM Extra Marketplace of Capital branch of the Milan Keep Trade.