Modern Avenue Group cancels Italian store deal

Chinese distributor Modern Avenue Group (formerly Canudilo) has decided not to proceed with its purchase of the luxury Excelsior Milano department store.

Modern Avenue, which owns sport couture brand Dirk Bikkembergs, has not given a reason for its change of heart.

A purchase price of €21.3 million (US$23.7 million) was announced at the end of June for the store, launched in 2012 by Italian group Coin. The deal was to have been finalised this month. With a specific selection of high-end fashion, Excelsior Milano is overseen by Antonia Giacinti, who owns the new boutique collective Antonia.

The Antonia brand was confirmed last month under an agreement with Modern Avenue, with a view to open five franchise stores over the next four years. The first Antonia store will debut next month.