Brunello Cucinelli Takes Control of American, Canadian Subsidiaries

Sep 10, 2019 57

BY: Luisa Zargani

In a vote of confidence in business in North America, on July 29 Brunello Cucinelli SpA took full control of its American and Canadian subsidiaries. The Italian fashion group bought 30 percent of Brunello Cucinelli USA Retail LLC through the subsidiary Brunello Cucinelli USA Inc., paying $4.5 million on signing the deal and raising its stake to 100 percent.

That same day, the parent company purchased 30 percent of Brunello Cucinelli Canada Ltd. for $2.2 million, also paid on signing the transaction. The shares were acquired from Massimo Caronna, who has worked with the Italian entrepreneur for more than two decades, helping to develop the brand’s business in America. Caronna remains president of Cucinelli in the region.

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SOURCE: https://wwd.com

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