Modern Avenue Group cancels Italian store deal

Aug 9, 2016Updated May 30, 20251 min read

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.

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Mei Ling Tan

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Mei Ling Tan is the Editor of Retail News Asia, where she leads the editorial team in delivering in-depth coverage of Asia’s dynamic retail landscape. With over a decade of experience in business journalism, Mei Ling is known for her sharp analysis, deep industry insights, and commitment to uncovering the stories behind Asia’s most innovative retail brands. Before joining Retail News Asia, Mei Ling held senior reporting roles at regional business publications, covering everything from consumer trends to digital transformation in retail. A graduate of the National University of Singapore with a degree in Communications and New Media, she combines journalistic integrity with a strong understanding of evolving market forces. Outside the newsroom, Mei Ling is a frequent speaker at industry panels and a mentor for young journalists.

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