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A fashion house for Lady Goga

May 23, 2012

The Kazakh socialite has agreed to buy a majority stake in Vionnet.

MILAN: Kazakh billionaire Goga Ashkenazi, best known for her opulent lifestyle and high-society friends, has agreed to buy a majority stake in fashion house Vionnet, the latest acquisition of a European luxury brand by new-money investors.

The London-based entrepreneur with interests in the oil industry will help the house, founded in 1912 by French couturier Madeleine Vionnet, grow in a globalised industry, despite headwinds in Europe, the company said in a statement yesterday.

Vionnet, famous for its fluid asymmetric dresses worn by movie stars such as Madonna and Natalie Portman, was relaunched in 2009 by a group of Italian investors led by former Valentino chief Matteo Marzotto.

The company expects revenues of 9.5 million euros in 2012, a drop in the ocean in the multi-billion-dollar luxury industry, but that number is on the rise. Its revenues jumped 40% to 7.3 million euros in 2011.

“I believe fashion brands must find a way to fund their growth while respecting their creative process,” Marzotto said.

Vionnet aims to open a monobrand store in Paris after opening its first showroom in Milan this year. Its 1,400-euro dresses are sold in 190 multibrand stores worldwide.—Reuters


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