Exor, this is how Elkann also launches into teen fashion with Subdued
Not just cars. After healthcare, technology and luxury, the Elkann's Exor holding is focusing on fashion for teenagers with an investment in the Subdued brand, ready to land in China and the United States. All the details
In addition to the Stellantis automotive group, the investments of Exor of the Agnelli dynasty touch almost all sectors . From healthcare, which with the progressive aging of the Western population promises golden deals, to technology, passing through luxury, with a 24% stake in the iconic Christian Louboutin brand and a majority share of 82.3% in the brand Chinese lifestyle designer Shang Xia.
And now it is also launching itself into fashion for teenagers. In fact, Nuo from the Exor group enters the capital of Osit, a fashion company for teenagers that operates under the Subdued brand.
EXOR'S INVESTMENT IN SUBDUED
With an investment of around 70 million euros, Nuo – the holding company owned by Exor and the Pao family from Hong Kong – will become a 30% shareholder of Osit, the fashion company for teenagers, known for the Subdued brand, founded in Rome in the early 1990s by Enrico Maria Sconciaforni and Alessandro Orsini.
In the transaction , Subdued was assisted by Rothschild & Co, as exclusive financial advisor, and Legance, as exclusive legal advisor. Nuo was assisted by Chiomenti as legal advisor, by Gitti & Partners for tax aspects and by Deloitte for financial due diligence.
The economic resources, knowledge of the markets and relationships provided by Nuo will accelerate the international growth of the fashion brand.
SUBDUED'S PLANS
Subdued, in fact, with its must-have garments for around thirty years for teenagers, first in Rome and then throughout Italy, has slowly conquered other countries too, starting from Europe, but now it winks at the markets of Asia and the United States.
Already in 2023 the brand has generated over half of its 120 million turnover (+30%) abroad through a network of 85 stores, distributed in the main European markets (Italy, Spain, United Kingdom, France, DACH and Benelux), and a proprietary e-commerce platform.
By the end of the year, thanks to Exor's investment, it will land in China and then try its luck again in the States in 2025, offering Chinese and American teenagers a personalized collection through physical and online sales points.
WHERE NEW INVESTS
Nuo, an investment holding company founded in 2021 , to which Exor and The World-Wide Investment Company Limited of Hong Kong contribute, is led by Tommaso Paoli and aims to invest in Italian companies in the consumer goods sector, supporting their development on international markets.
Over the years it has entered the capital of several companies, including Andriani (gluten-free food), Ludovico Martelli (personal care and hygiene) and Montura (sports clothing).
Nuo's headquarters are located in Milan and has an operational team in Hong Kong and Shanghai to support the development of its portfolio companies in Asia.
THE ELKANN STRATEGY
According to what was recently highlighted to El Pais by Antonio Majocchi, an economist at the Luiss Guido Carli University of Rome, specialized in international business and management, "the Agnelli family is becoming more and more finance and less and less industry".
Guido Corbetta, professor of entrepreneurship and family business at Bocconi University in Milan, observed in the same article that if Exor was already diversified in the automotive sector – with Stellantis, CNH Industrial, Iveco or Ferrari – now the dynasty is opening up to new sectors, investing in luxury or technology, while continuing with a family tradition.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/exor-ecco-come-elkann-si-lancia-pure-nella-moda-teen-con-subdued/ on Tue, 19 Mar 2024 10:23:31 +0000.