John Richmond changing hands

John Richmond is starting a new chapter, leaving England. The men's and women's ready-to-wear label founded in 1987 by designer John Richmond, which rock stars were snatching up in the 1990s, has been purchased Fashioneast, a Luxembourg-based investment firm, the designer himself has confirmed.

According to a press release, the new John Richmond head office will be located in London with another one in Asia.

The brand was previously held by Akkurate Ltd., a company 50% held by Italian businessman Saverio Moschillo, who since 1996 has been producing and distributing the John Richmond collections via his garment factory in northern Italy. The rest of the capital was held by Tony Yusuf, former managing director of the brand, with a 15% share, and John Richmond, with a 35% share.

The purchase of the John Richmond, Richmond X, Richmond Denim, Richmond jr and Richmond brands by Fashioneast was finalised last week and now the designer owns 50% of his own label, he specified to FashionMag, explaining that the operation took place following the liquidation of Akkurate.

"We are not going to be presenting the collections this season as we are carrying out a complete reorganisation. I have a different vision today. The fashion industry has changed, I want to move the focus more over to digital and a new approach in the way the collections are presented," said John Richmond.

The company is currently in discussions with different Italian manufacturers to find a new partnership to create the new ready-to-wear collections. In the meantime, Richmond men's will be presented in Milan in June.

"Italy is important for us, it's like a second homeland," concluded the designer, who nevertheless doesn't know yet where in what format the women's collection will be presented in September.

John Richmond changing hands

See also