UK investment fund acquires Bruno Magli
Luxury footwear company Bruno Magli has been acquired by UK-based investment fund Fortelus Capital. The Italian luxury footwear specialist, which has fallen on hard times, was previously owned by Opera, an equity fund backed by Bulgari SpA and a number of other investors. The amount for which Bruno Magli was sold is unknown.
Fortelus Capital is a new $300 million turnaround fund founded last year by Timothy Babich. This is its first purchase. Babich said that the majority of the capital spent on the acquisition would go towards reviving the Bruno Magli business. "We think that part of (the attraction) was the history and the archives of all the designs,"he said. "We think that there is a good base to build on."
Opera bought the Bruno Magli business from the Magli family in 2001 for $140 million. Since then, Opera has failed to lead to business to profit. WWD reports that a source has said that it struggles with a lack of creative direction and a limited budget. Since 2003, Opera called in the help of consultancy firm Alix Partners to help manage the business. According to Babich, Opera had already completed a major part of Bruno Magli's turnaround. The brand operates 32 fully owned stores; 11 in Italy and 21 in Japan . It also has 25 stores through franchise agreements, with presences in 60 countries. In 2006, the company had €45 million in sales.
Hopefully we won't see the investment company reviving all the old designs and selling them in greater quantities at a reduced price in order to increase profits. That seems to be the way with "business" led fashion labels. They have admitted that the lack of creative direction has led to the company's misfortune. Surely rehashing their old catalogues will perpetuate the problem?
For independent designer shoes not backed or run by corporate calculators check out Vein Wear. Independent design, independent direction.
Poste "No Point" Patent Brogue
What could bigger than brogues on young trotters in coming seasons? Patent leather. That's right, your father used to creep around in them. Your grandfather also. And since the invent of PVC and its insidious application in footwear you've steered clear of anything with the slightest shine. Until now...
New leather techniques make the slick leather softer than ever before. The liquid reflections look fresh and oh so sharp. The right pair of patent shoes will take a more refined look to a new edge.
Why not combine it with broguing details on a stream lined last like this shoe from Poste. I couldn't find much information on the label. I don't even know if it is an original design. But there is a Poste shoe store in London which I assume is related.
You can purchase these shoes online at office.co.uk for around AU$200.00. Although when I tried, the site had some errors. Maybe you can check out the store... 10 South Molton Street Mayfair London, W1K 5QJ Tel: 020 7499 8002.
To check out the hottest brogues on the planet check out Vein Wear Winter 2007 Collection.
Vein Wear @ L'Oreal Melbourne Fashion Festival 2007
Vein Wear will be collaborating with clothing labels Morrissey and Leopold this season for the L'Oreal Melbourne Fashion Festival.
Come see the parade. L’Oréal Paris Runway 4: Presented by Men’s Style Wednesday 7 March, 6:00pm @ Fashion Cube, Melbourne Museum Plaza.
Links you might need:
- www.lmff.com.au L'Oreal Melbourne Fashion Festival
- www.leopoldsempire.com Leopold
- http://www.isubscribe.com.au/ Subscribe to Men's Style Magazine
I'll put up pics after the parade :)
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