Agnellis’ Exor Teams Up to Invest in Teen Fashion Brand Subdued


Investors including Italy’s billionaire Agnelli family bought a stake in women’s fashion brand Subdued, a trendy favourite among Italian teens.

NUO, an established partnership between the Agnelli’s Exor NV and Hong Kong family office World-Wide Investment Company Limited, said in a statement Tuesday that it purchased 30 percent of Osit Impresa SpA, which operates under the Subdued brand. No financial figures were provided.

The Agnellis, descendants of the founder of automaker Fiat, control 50 percent of economic and voting rights at NUO through Exor, according to the holding’s website.

Under the leadership of John Elkann, Exor has been diversifying beyond its roots in the auto industry to investments in health care, tech, financial services and luxury.

The holding controls super carmaker Ferrari NV, Juventus Football Club SpA and The Economist Group, and has significant stakes in Stellantis NV and Koninklijke Philips NV.

Rome-based Subdued, founded in the 1990s, reported around €120 million ($130 million) of consolidated net sales in 2023, of which more than 50 percent abroad, according to the company. The brand operates in Italy, Spain, the UK, France and Germany, among other countries, through 85 directly operated stores.

Milan-based NUO said in the statement that the investment is in line with its focus on top Italian companies in the consumer goods sector. Its has holdings in brands including Montura sportswear, Bending Spoons software and Ludovico Martelli personal care.

By Tiago Ramos Alfaro and Alberto Brambilla

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