One of Italy’s best-known fashion houses, Krizia, has been sold to a Chinese corporation and financial details of the deal are expected later this year.
The deal is the latest in a series of foreign acquisitions of Italian luxury brands. The Qatari royal family owns Valentino, while France’s Kering group controls Gucci.
More information on the agreement with Shenzhen Marisfrolg Fashion, a fast-growing player in the Asian pret-a-porter market, would be released “by late spring,” Krizia said in a statement late Monday.
Mariuccia Mandelli founded Krizia in Milan in 1954, taking the name from Plato’s dialogue on feminine vanity. Her innovative style earned the fashion house the “Crazy Krizia” moniker.
The veteran stylist, who will be 90 next year, said she would pass on the role of chairman and creative director to Marisfrolg’s boss Zhu ChongYun. Her first collection was to debut in Milan in February 2015.
Business has been bad for Krizia recently. Marisfrolg said it would relaunch the fashion house by opening five flagship stores in China over the next five years, and reopening boutiques that were closed in Europe, Japan and the United States.