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Report: 'Things Are Unraveling' At Missoni

Photo: Getty
Photo: Getty

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Rumors keep popping up that the Missoni family might be putting their fashion house up for sale, and creative director Angela Missoni keeps knocking them down. WWD reports that months ago, Missoni was allegedly up for sale for the asking price of 1 billion euros, although with all the family connections and various shareholders, a sale of the privately-held company could be complicated.

A WWD source alleges that while Angela Missoni doesn't want to sell, 66.6% of the company is for sale. That's the stake in the company held by Angela's brother, Luca, and the children of her brother Vittorio. Valentino parent company Mayhoola for Investments, the Qatari fund that owns the M Missoni license, is said to be interested in possibly buying Missoni.

"We are gratified by the attention, but we don't want to sell," Angela Missoni told WWD. Missoni is currently without a CEO, and the fashion house's longtime executive vice president of Missoni USA left the company in December.

A source tells WWD: "They've had three chief financial officers over the past seven years. Things are unraveling. Angela [Missoni] and assorted family members have taken on the role of CEO and CFO." The family suffered through a terrible year in 2013, with the disappearance of Vittorio Missoni in a plane crash and the death of company cofounder Ottavio Missoni.
· Rumors of Issues at Missoni Deepen [WWD]
· Missoni Family Identifies Three Bodies, Vittorio Not Found [Racked]
· Vittorio Missoni's Plane Found in Deep Caribbean Waters [Racked]