MODO acquires Italia Independent
MODO has announced the acquisition of Italia Independent, the Italian eyewear brand founded by Lapo Elkann. The transaction is part of the strategic plan of MODO Group which aims to offer customers a product that can increasingly combine tradition and innovation with style and design. MODO Group has been assisted in the transaction by Jefferies as exclusive M&A advisor.
The know-how of the Group – which produces and distributes the MODO and ECO brands – will be a key factor in the new direction of the brand founded by Lapo Elkann, which will be able to count on a solid corporate organisation and a more incisive presence in terms of international distribution.
Alessandro Lanaro, founder and CEO of MODO Group, said: “I have always admired the incredible success of Italia Independent from the very beginning, and we are proud to take charge of its future and to have the opportunity to make a significant contribution to the brand’s development. Modo Group and Italia Independent have always shared the desire to stand out from the crowd; our aim is to reunite the great community that Italia Independent has created over the years, both in the optical sector and among end consumers”.
Lapo Elkann said: “I’m glad that Modo Group acquired the brand Italia Independent. I am sure that Alessandro and his team, strong of their track record, will be able to evolve the brand I founded to which I will always remain attached”. “This acquisition combines two complimentary forces that blend well together. Reactivating the energy and the magic of the brand, and driving it into lasting growth is an exciting challenge for us”, added Giovanni Lo Faro, CEO of MODO International, the company that distributes the MODO, ECO and, from next season, Italia Independent.
The first release of the Italia Independent collection in MODO Group’s orbit is scheduled for Spring/Summer 2024. The company stated that the range will be “entirely made in Italy and distributed through an exclusive network of opticians worldwide”.