Industry News
Modo Group Acquires Italia Independent Eyewear Brand
Modo Group, the renowned eyewear company founded in New York in 1990 by Alessandro Lanaro, has made a strategic move in the eyewear industry by acquiring the Italia Independent eyewear label. The acquisition, valued at 1 million euros, was officially sealed on Tuesday, marking a significant development in the global eyewear market.
Modo Group, known for its Modo and Eco brands distributed across approximately 80 countries, will now add Italia Independent to its impressive portfolio. However, it's important to note that this acquisition exclusively pertains to the Italia Independent brand and does not involve Italia Independent Group SpA, the publicly listed company that previously operated the eyewear firm.
Alessandro Lanaro, the visionary founder and CEO of Modo Group, expressed his excitement about this acquisition, stating, "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."
Lapo Elkann, the founder of Italia Independent, also shared his thoughts on the acquisition, saying, "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.” It remains unclear whether Lapo Elkann will continue to play a role in the brand's operations after the acquisition.
Modo Group has ambitious plans for the future of Italia Independent, aiming to enhance its international presence by leveraging the company's group headquarters in Milan, New York, and Stockholm. Lanaro added, "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."
To oversee the management of Italia Independent, Alessandro Lanaro will collaborate with Giovanni Lo Faro, CEO of Modo International, the entity responsible for distributing the Modo and Eco brands. Lo Faro expressed enthusiasm for the merger, saying, "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."
Italia Independent, initially conceived by Lapo Elkann, gained widespread recognition for its innovative use of materials, including carbon fiber frames, and its signature velvety sunglasses. Over the years, the brand expanded its reach through collaborations and licensing deals with notable entities such as Hublot, Adidas, The Walt Disney Company, Billionaire Boys Club, Juventus, and Fiat 500. In 2020, Italia Independent inked a five-year global license with soccer superstar Cristiano Ronaldo for the development and production of eyewear under the player’s CR7 brand.
The acquisition of Italia Independent follows a period of financial difficulties for Italia Independent Group SpA, leading to a restructuring effort in 2015. Despite various attempts by shareholders to revitalize the company, Italia Independent Group SpA filed for a composition with creditors procedure in mid-2022, which was approved by an Ivrea, Italy Court. This ultimately led to the search for a buyer for its assets, including the eyewear brand, before the company entered liquidation.
Lapo Elkann retains a 49.25 percent ownership stake in Italia Independent Group SpA, with Creative Ventures Srl having acquired a 29.58 percent interest in the company in 2019. The company is listed on the AIM Alternative Market of Capital segment of the Milan Stock Exchange.
With Modo Group's acquisition, the future of Italia Independent appears promising as it joins forces with a company renowned for its commitment to eyewear innovation and global expansion. The synergy between the two entities is expected to yield exciting developments in the world of eyewear fashion.
