Cision PR Newswire
MODO announces the acquisition of Italia Independent
News provided byMODO EYEWEAR
Sep 19, 2023, 9:55 AM ET
NEW YORK, Sept. 19, 2023 /PRNewswire/ -- MODO announces the acquisition of Italia Independent. The transaction is part of the strategic plan of the MODO Group – who has been in the independent eyewear industry since 1990 - which aims to offer customers a product that can increasingly combine tradition and innovation with style and design. MODO was assisted in the transaction by Jefferies, an 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 organization and a more incisive presence in terms of international distribution.
"I have always admired the incredible success of Italia Independent, 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 desired to stand out from the crowd" says Alessandro Lanaro - founder and CEO of MODO GROUP.
"I'm glad that Modo Group acquired the brand Italia Independent. I am sure that Alessandro and his team will be able to evolve the brand I founded to which I will always remain attached." says Lapo Elkann.
The first drop of the Italia Independent collection by the MODO Group is scheduled for Spring/Summer 2024, will be made in Italy and distributed through an exclusive network of opticians worldwide.
MODO was born in 1990 in SoHo, New York, under the entrepreneurial spirit of its founder, Alessandro Lanaro. Since its beginning, MODO has evolved into a company that designs, manufactures, and distributes a successful portfolio of house, designer, and contemporary lifestyle brands – all under the common denominator of design and innovation. Brands include MODO, Eco, & Derek Lam 10 Crosby. MODO is a global company with offices in New York, Milan, and Stockholm.
Today MODO drives the eyewear industry's effort in sustainability and social responsibility. With initiatives such as producing frames with 95% recycled content or biobased materials with our carbon negative Eco brand, planting over 3.3 million trees with Eco's One Frame, One tree program, or sponsoring the vision care for over 1.3 million children with MODO's Buy a Frame, Help a Child See program, MODO is a pioneer in merging style and purpose.
View original content to download multimedia:https://www.prnewswire.com/news-releases/modo-announces-the-acquisition-of-italia-independent-301930142.html
SOURCE MODO EYEWEAR
NOTE: This content is not written by or endorsed by "KRON", its advertisers, or Nexstar Media Inc.