Modern Avenue Group cancels Italian store deal
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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.
Questions & Answers
Q.Which company was due to acquire Excelsior Milano?
Which company was due to acquire Excelsior Milano?
The Chinese distributor Modern Avenue Group, formerly known as Canudilo, had planned to purchase the luxury Excelsior Milano department store. They have now decided not to proceed with the acquisition.
Q.What was the agreed price for the Excelsior Milano store?
What was the agreed price for the Excelsior Milano store?
A purchase price of €21.3 million, equivalent to US$23.7 million, was announced at the end of June for the department store. This deal has now been cancelled.
Q.Will Modern Avenue Group still work with Antonia Giacinti?
Will Modern Avenue Group still work with Antonia Giacinti?
Yes, an agreement between Modern Avenue and Antonia Giacinti's Antonia brand was confirmed last month. This deal aims to open five franchise stores over the next four years, with the first store debuting next month.
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