Covid has forced the Italian luxury industry to step up the pace of its transformation and search for investors, as shown by Zegna announcing a forthcoming stock market listing, and L Catterton’s acquisition of Etro.
Onward Luxury Group has been bought from the Onward group by its Italy-based management. Now called High Italian Manufacturing Co., it will continue to run the licensed business of labels like Rochas and Elie Saab.
In early August, fragrance specialist Interparfums, owner of Rochas, announced the termination of the label's menswear collections due to the economic crisis, ending the collaboration with designer Federico Curradi.
After recently losing the Mulberry licence, the luxury subsidiary of Japanese fashion group Onward has struck a deal to produce and distribute Elie Saab’s accessories, and is about to launch its own e-shop.
The struggling British fashion and accessories brand, which is axing its Paris and Hong Kong comms teams, is also on the verge of discontinuing its ready-to-wear and footwear licences from Spring/Summer 2021.