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PARIS (AFP) - French luxury fashion brand Emanuel Ungaro has been sold by Italian group Salvatore Ferragamo to a US-based high-tech entrepreneur, the Paris-based brand announced in a communique.
The Ungaro brand -- among the better known luxury clothing labels in the world -- was acquired by the Ferragamo group in 1996.
Pakistan-born Asim Abdullah, 42, a novice in the world of fashion, made his fortune in the high-tech sector as investor and chief executive in several Internet commerce firms.
The terms of the acqusition were not disclosed.
The Ungaro house is the second high-profile French fashion brand recently purchased by American investors this year after the Falic group bought Christian Lacroix's couture business earlier this year.
The Ferragamo group has been looking to sell the Ungaro label and its 13 stores worldwide for several months. Founded in 1965 by Emanuel Ungaro, 72, the Ungaro brand -- famous for it brightly-colored floral prints -- includes women's and men's wear, accessories and perfumes.
Total wholesale revenue of products sold under the Ungaro label through licensing deals was approximately 70 million euros (84 million dollars), a company spokesman said Friday.
He added that he expected sales to top 100 million euros (120 million dollars) in three years, with especially strong growth in accessories and men's wear.
Founder Emanuel Ungaro, 72, has not "worked with the house for six months" and "will no longer be involved in designing," company president Paolo De Spirt told AFP.
French designer Vincent Darre took charge of Ungaro's ready-to-wear collections beginning last year.
Since 2003 the company has been managed by De Spirt, who launched a re-organization focusing on Ungaro's core business and developing licensing deals.
"Emanuel Ungaro is a great brand with a very rich and unparalleled history. I believe that the current management team, led by Paolo de Spirt, has done a great job so far and I would like that they remain involved with the company," Abdullah said, cited in the communique.
Ferragamo will "continue to provide support" and work with the Ungaro brand in a licesing capacity, said Leonardo Ferragamo, director of Ferragamo Finanziaria.
The Italian group will "continue to be involved at both a strategic and an operation level," the communique said. "Leather accessories and perfume will continue to be managed by the group through licensing," it said.
A NEW MAN FOR UNGARO
PETER DUNDAS is being hailed as the man to succeed Vincent Darre at Emanuel Ungaro. Currently working with Roberto Cavalli's design team, and credited with upping its fashion voltage in recent seasons, Norwegian Dundass counts Christian Lacroix and Jean Paul Gaultier among his former employers. He is thought to be in talks with San Francisco entrepreneur Asim Abdullah, who bought the fashion house from Gruppo Ferragamo last year. Abdullah has expressed intentions to reignite Ungaro's history as a luxury brand, even eventually returning it to the couture runway. Emanuel Ungaro himself, who founded the label in 1965, gave it up last year. (December 13 2005, AM) .![]()
AN UNGARO GOODBYENORWEIGAN designer Peter Dundas has quit his role as head of womenswear at Ungaro following reports that that he and the label's management did not see eye to eye on the creative direction of the luxury French brand. He is the third womenswear designer to part ways with the company since 2005, the year Emanuel Ungaro - who founded the label in 1965 - retired and the company was sold to internet tycoon Asim Abdullah. "I want to thank the House of Ungaro and say I am proud to have worked alongside the wonderfully talented people there and wish the company continued success," said Dundas, who has formerly worked with Jean Paul Gaultier, Christian Lacroix and Roberto Cavalli. His replacement is yet to be announced. (July 6 2007, AM)![]()
Leisa Barnett