American investor Glickman Capital acquires the bad Italian assholine

The bad luxury purse label has a new owner. The brand based in Florence, founded in 1972 by the brothers Alfredo and Giacomo Cánessa, has been acquired by Glickman Capital, a US private capital firm that administers $ 2 billion in assets. The firm was founded by businessman David Glickman, known for his companies in technology and telecommunications, including Ultra Mobile and Mint Mobile.

According to reports, the agreement, the first important acquisition of Capital Glickman in the fashion sector, was ended on December 22, although now it has only been made public. The transaction covers 85% of the bad capital of the bad, and the previous property retains the remaining 15% for now. Glickman Capital already has Naked Cashmere, an American fashion brand that operates exclusively through a direct retail trade to the consumer.

The production and headquarters of the brand will remain in Tuscany at the moment, although the company can later move to Milan. Meanwhile, Glickman has established two new subsidiaries: Malo Us, based in the United States, and Asia-Pacific, pointing to expansion in that region.

In 2018, the Italian firm Finplace 2, led by businessmen Walter Maiocchi and Luigino Belloni, acquired bad, which ended the brand's temporary judicial administration period. The bankruptcy administrator, Daniele Fico, under the supervision of the Florence Court, had administered the judicial administration process. Its offer of € 9.92 million, only € 20,000 above the initial price, was the only offer presented. Before the acquisition, Quadro Capital Partners controlled bad but retired after the brand declared bankruptcy.

Bad has undergone several property changes over the years. In 1999, it became part of the Ittierre Italian fashion group, which kept the brand until its financial collapse caused a sale. Evanthe, a low SRL company, acquired bad in October 2010, followed by Quadro Capital Partners in August 2014.

Last year, the brand opened a 190 square meter boutique in Via Della Spiga in Milan after closing the fiscal year with approximately 15 million euros in revenue, which reflects the growth of two digits.

Glickman Capital, owner of the United Kingdom's Football Club Leeds United, also has a diverse portfolio that includes the Tequila brand makes more, the pharmaceutical firm cabinet, several technology, digital and entertainment companies, as well as hospitality companies. In Italy, the group has the Sant Ambroeus restaurant and the pastry chain.