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MILAN – Missoni’s zigzags are staying put, but the founding family behind the Italian knitwear house is stepping aside after nearly 75 years – the latest in a procession of heritage fashion brands that have passed from family control to financial investors.
“The zigzags will remain, that’s our monogram and that’s who we are,” chief executive Livio Proli said in an interview following the announced exit of the Missoni family from ownership of the company. “But it can’t be the only thing. We must also evolve,” added Proli.
Last week, the Missoni family announced the sale of its majority stake with Milan-based private equity fund FSI increasing its holding to 73 percent from 41 percent while Germany’s Katjes International becomes a minority shareholder, with a 27 percent stake. Financial terms were not disclosed.
Proli, who joined from Armani in 2020, is planning to open new stores, expand wholesale distribution and grow categories beyond fashion, including the Missoni Home line, as he seeks to increase sales by more than 50 percent over the next five years to around €200 million ($232 million).
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Revenue last year was about €130 million, up roughly 5 percent from the previous year, with adjusted EBITDA of around €20 million, as its signature bright prints found a new audience on TikTok.
The house has in recent years been gradually bringing more production in-house, including the fabrics used for its iconic zigzag knits, to strengthen control over quality and supply. Proli said this will continue.
The exit of the Missoni family ends an era that began in 1953, when it was launched by Ottavio and Rosita Missoni in Varese, northwest of Milan.
While FSI is an Italian investment fund, the logic behind the deal reflects the same pressures facing many independent labels. Competing in the global luxury market increasingly requires substantial investment in retail networks, marketing, digital infrastructure and supply chains, costs that can be difficult for smaller family-run businesses to shoulder alone.
FSI first invested in Missoni in 2018 and has remained a shareholder longer than the typical private equity horizon. Even with the timeframe effectively resetting after the recent transaction, the fund would likely seek a buyer in about five years.
Seven groups looked at the company when it was put up for sale, Proli said. “Three had the requisites to make an actual bid, including Authentic Brands Group. But it wasn’t only about how much they were going to pay. It was also about their plans for developing the brand.”
Ultimately, the Missoni family and FSI concluded that the existing shareholder was best positioned to guide the next phase of growth. The fact that Missoni will remain majority owned by an Italian fund has offered some reassurance in a country where the sale of heritage brands to foreign conglomerates often triggers political and cultural debate.
Still, the departure of the founding family marks a symbolic turning point for a house long associated with its founders’ distinctive aesthetic. Ottavio and Rosita Missoni helped pioneer a vision of Italian fashion rooted in craftsmanship and colour, transforming knitwear into a high-fashion statement.
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Proli said that preserving this heritage, particularly through manufacturing, will remain central to the brand’s future. All ready-to-wear production is made in Italy, something that will not change, he said.
Some parts of the business currently rely on international manufacturing. Elements of the Missoni Home line, such as towels and robes, are produced in Portugal, though the long-term goal is to bring more of that work back to Italy.
