Luxury cashmere brand Malo has been acquired by Glickman Capital, marking a new chapter for the Italian brand after its bankruptcy four years ago.
Luxury cashmere brand Malo has officially undergone a change in ownership, as Glickman Capital, led by entrepreneur David Glickman, has finalized the acquisition of the Italian luxury brand. This transition marks a significant development in Malo’s history, particularly after its previous bankruptcy four years prior.
The announcement was made public by Glickman, who stated, “We are honored to steward Malo into its next chapter. As one of Italy’s most iconic luxury houses, Malo has long stood for heritage, quality, and timeless elegance.” He expressed confidence in the leadership team that will be taking over, which includes Michelle Kessler-Sanders, who is set to assume the role of chief executive officer in June, and Leonardo Minerva, appointed as chief operating officer, effective immediately. The brand will continue to operate out of its base in Florence, with plans to open an additional office and showroom in Milan.
Malo is renowned for its luxury offerings, which include products made from 100 percent Italian cashmere, as well as items featuring materials like vicuna, alpaca, baby llama, camel, mohair, silk, and Makò cotton. The company has a rich heritage in luxury textile production, which Glickman aims to preserve while steering the brand into a new international phase.
In facilitating this acquisition, Glickman Capital partnered with Naga Brands, a group known for providing financing and expertise to creative founders and brands. Damien Dernoncourt, the founder and CEO of Naga Brands, is serving as interim CEO of Malo until Kessler-Sanders takes over in June. The specific sale price for the brand has not been disclosed.
Previously, Malo was owned by Finplace Due S.r.l., a company based in Padua, which took ownership in September 2018 after Malo declared bankruptcy in June 2018. Finplace was the sole participant in an auction conducted by the Florence court aiming to find a buyer for the struggling luxury brand. The starting price for bids was set at a minimum of 10 million euros, which was the amount Finplace had offered during that auction.
Malo’s ownership history includes a period under Russian private investment fund Quadro Capital Partners, which acquired the brand in 2015 from Tuscan luxury retail group Evanthe. This ownership was marked by financial troubles leading to a bankruptcy filing in early 2018.
As the new leadership takes shape, Kessler-Sanders brings extensive experience in the luxury sector, having served as managing director for North America at Konges Slojd, and previously as president of Calvin Klein 205W39NYC. Her career has been anchored in prominent fashion roles including executive vice president and creative director at the Vera Wang Group and fashion director at T: The New York Times Style Magazine.
Minerva also has a strong background, previously serving as chief operating officer for Calvin Klein Collection and Calvin Klein Inc., as well as holding key positions at renowned brands like Fendi and Saint Laurent in Paris.
Glickman Capital’s acquisition signals a potentially positive trajectory for Malo, as the luxury cashmere market continues to grow, and Glickman, Kessler-Sanders, and Minerva prepare to forge a path that honors Malo’s rich legacy while embracing future challenges and opportunities in the competitive luxury landscape.
Source: Noah Wire Services
