BACK AT IT: Just over a month after selling his Italia Independent eyewear brand to Modo Group, entrepreneur Lapo Elkann is returning to the company he founded in 2006 as creative director.
Modo Group revealed the appointment Friday, after buying out the brand last month in a 1 million euro deal, which was limited to the Italia Independent brand and did not involve Italia Independent Group SpA, the publicly listed company that operated the eyewear firm until before the transaction.
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Back then Modo Group, which already operated the Modo and Eco eyewear brands, did not reveal whether the Fiat scion and grandson of the late Gianni Agnelli would remain involved in the brand’s operations.
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“The founder of Italia Independent is its beating heart. I’m happy that Lapo [Elkann] will help us relaunch this unique and avant-garde brand contributing with his style,” said Alessandro Lanaro, founder and chief executive officer of Modo Group.
“I’ve accepted Alessandro Lanaro’s offer with enthusiasm and I look forward to kicking off the design process for the first collection,” said Elkann. “I’m emotionally very attached to Italia Independent and it’s a pleasure to continue supporting the brand with my creativity.”
In light of the acquisition, Lanaro has folded in management duties for Italia Independent together with Giovanni Lo Faro, CEO of Modo International, the company that distributes the Modo and Eco brands.
Modo Group, which was founded in New York in 1990 by Lanaro and operates in about 80 countries, said that it plans to boost Italia Independent’s international footprint, leveraging its group headquarters in Milan, New York and Stockholm.
The brainchild of Elkann, Italia Independent managed to capture the zeitgeist in the first years of its founding, experimenting with carbon fiber frames and its signature velvety sunglasses. Heavily reliant on its founder’s image and style, it expanded its reach via several collaborations and licensing deals over the years with, among others, Hublot, Adidas, The Walt Disney Company, Billionaire Boys Club, Juventus and Fiat 500. In 2020 it inked a five-year global license with soccer superstar Cristiano Ronaldo for the development and production of eyewear under the player’s CR7 brand.
In 2015 Italia Independent Group SpA was hit by financial troubles, which required the company to restructure by reducing costs and reinforcing the product offering. Despite several efforts from its shareholders, the company eventually filed for a composition with creditors procedure in mid-2022 approved by an Ivrea, Italy Court.