Italian label Marco De Vincenzo welcomes new investor, new CEO
Italian women's ready-to-wear label Marco De Vincenzo has announced its new shareholding structure and organisation, as it celebrates its 10th anniversary by showing at the Milan Fashion Week on Friday February 22. The label's eponymous designer has set up a joint-venture company, Ultrapharum, with a new shareholder, MMGP, alongside De Vincenzo himself and LVMH, which owns a 45% stake in the label.
MMGP has acquired a 35% interest, through the stake it bought from Marco De Vincenzo via the latter's Daydreamer company, in which the designer now only holds a 20% stake, as indicated in a press release. MMGP in turn controls Italian textile manufacturer Cieffe Milano, which has been producing the label’s ready-to-wear line for many years. No details were disclosed about the value of the operation.
Following these shareholding changes, the CEO of Cieffe Milano, Marco Panzeri, has become the CEO of Marco De Vincenzo in place of Renato Munafò, and the label’s commercial organisation has also been overhauled. Starting from the Autumn/Winter 2019-20 collection, ready-to-wear distribution will be managed internally and no longer by Riccardo Grassi Showroom. The label’s footwear collections will instead continue to be sold by the Massimo Bonini showroom. Marco De Vincenzo also indicated that it will rely on CD Network to distribute its footwear and apparel lines in the USA.
With a conceptual style at once highly personal and innovative, Marco De Vincenzo, 40, has quickly established himself as one of Italy's most interesting new talents. De Vincenzo comes from the Italian region of Sicily, and has been working for more than 18 years with Fendi, for whom he is head designer for leather goods. In parallel, in 2009, he launched his own brand of women's luxury ready-to-wear, which has been backed by LVMH since 2012.
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