MILAN – Private equity fund Style Capital has taken control of No. 21, adding the Italian fashion brand founded by Alessandro Dell’Acqua in 2010 to its portfolio that includes brands such as MSGM, Forte_Forte and Autry, among others.
This confirms a WWD report on Tuesday, as industry sources in Milan speculated about a potential investment from the fund. Financial details of the operation were not disclosed.
The transaction sees Dell’Acqua retaining his role as creative director while the firm’s long-standing industrial partner and licensee Gilmar will exit the business.
Alessandro Dell’Acqua
Henrik Blomqvist/Courtesy of N.21
“I am delighted that No. 21 is embarking on this new chapter with Style Capital and [its founder and managing partner] Roberta Benaglia, an entrepreneur with deep knowledge of the fashion industry who shares my belief in the importance of combining creative vision with business development,” said Dell’Acqua.
“No. 21 is one of the most authentic and recognizable expressions of contemporary Italian creativity. Over the years, Alessandro Dell’Acqua has developed a distinctive, consistent and deeply personal design language, building a brand with a strong identity and significant untapped potential,” echoed Benaglia. “Our aim is to support Alessandro in this new chapter, preserving his creative autonomy while giving No. 21 the strategic, managerial and industrial expertise it needs to grow internationally. We believe successful brands are born of an authentic creative vision and flourish when that vision is backed by sound entrepreneurial skills.”
No. 21 Fall 2026 Ready-to-Wear Collection at Milan Fashion Week
Courtesy of No. 21
Style Capital’s takeover marks the beginning of a new phase of development for No. 21, aimed at consolidating its positioning and driving its growth in international markets.
The deal with Style Capital closely follow the news that Gilmar filed for protection measures with Rimini court last week. As reported, the restructuring procedure entailed the phase-out of Gilmar’s licensing business, the sale of its industrial complex and transfer of its third-party manufacturing operations. Incidentally, Gilmar Divisione Industria SpA, is also the licensee of fashion brands Iceberg and Paolo Pecora.
No. 21 first signed a licensing agreement with Gilmar for the spring 2013 collection. Two years later, the fashion group acquired a 30 percent stake in the designer brand through Gilmar Divisione Industria SpA, while Dell’Acqua retained a 70 percent majority stake in the company.
No. 21 Resort 2027 Collection
Courtesy of No. 21
Debuted with the fall 2010 collection, the brand has been a longtime fixture of Milan Fashion Week ever since but skipped the fashion event in September.
Currently stocked in more than 250 multi-brand stores worldwide, No. 21 offers womenswear and menswear, as well as footwear and accessories. The company additionally toyed with the beauty category via collaborations, the latest of which launched with K-beauty brand Amuse earlier this year.
Style Capital also recently debuted in the beauty arena as it added Parisian niche fragrance house Essential Parfums to its portfolio that also includes the likes of Zimmermann, Soeur and RE-DONE.
Roberta Benaglia
Courtesy of Style Capital
#Style #Capital #Takes #Control #Alessandro #DellAcqua #Stay #Creative #Director