Renzo Ross, the owner of DIESEL, buys MARNI

Marni store, Shanghai, China

Diesel owner and CEO Renzo Rosso has bought a majority stake in Italian fashion house of Marni, confirming rumours that have been circulating since the summer. The exact figures are yet unknown, but the acquisition was made through the Italian businessman’s holding company, Only the Brave Srl. ”I am satisfied of the agreement reached with OTB,” said Marni CEO Gianni Castiglioni. “This is an extraordinary opportunity of further development for our company, whilst preserving the brand’s identity and the entrepreneurial spirit of our family.”

The deal is thought to further help Marni’s international expansion, WWD reports. The label’s creative director, Consuelo Castiglioni, and Rosso are long-term friends. Marni CEO Gianni Castiglioni confirmed that the brand was looking for an investor in October, to help “double sales in five years through a further development of retail”.

This is the latest luxury fashion label Rosso has invested in – last year, he obtained the Just Cavalli license, and also produces and distributes collections for DSquared2. Only the Brave also owns Maison Martin Margiella and Viktor & Rolf.