China's Modern Avenue reneges on Excelsior Milano purchase
There's been a change in strategy at Modern Avenue Group (formerly Canudilo). The Chinese distributor, who already owns the sports couture brand Dirk Bikkembergs, will not purchase the luxury Milanese department store, launched in 2012 by Italian group Coin.
The operation has been cancelled, according to the Chinese group in a statement. A reason has not been disclosed.
A purchase price of 21.3 million euros was announced at the end of June, which would have been finalised in the coming weeks.
The sophisticated store with a very specific selection of high end fashion, is overseen in Milan by Antonia Giacinti, owner of the new boutique collective, Antonia.
The Antonia brand was confirmed in July 2015 under an agreement with the same Chinese group, with a view to open five franchise stores over the next five years, to 2020. The first Antonia store will bow in September.
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