The Japanese group Onward Holdings has sold its Italian unit Onward Luxury Group (OLG) to the latter’s management. With the management buyout completed in December, the company has changed names to High Italian Manufacturing (HIM).
OLG was bought through the holding company Nemo which is owned by OLG’s chairman Fabio Ducci, its chief financial officer Antonello Orunesu Preiata and the company’s former head, Franco Pené.
No financial details were released, but Nemo bought OLG’s manufacturing activity, which includes footwear and apparel plants, a knitwear unit and a majority stake in the Tuscan bag and leathergoods manufacturer Frassineti. The acquisition also includes three showrooms located in Milan, Paris and New York as well as the footwear brands F_wd and Carlotha Ray.
The acquirers also maintained OLG’s commercial agreements. In footwear, it produces shoes for Joseph, Jil Sander and OAMC, which are owned by Onward Holdings. It also has license agreements to produce footwear under the labels Rochas, Rochas Homme, See by Chloé, Proenza Schouler, JW Anderson, Brock Collection, Francesco Russo, Maria Luca and Elie Saab, according to OLG’s website. OLG also produced footwear and ready-to-wear collections for Mulberry, but last year the British luxury goods brand decided to end its footwear and ready-to-wear collections to focus on leathergoods.