MONDEVITA ACQUIRES MAJORITY STAKE IN UNDERSCORE DISTRICT, PARENT OF MAGLIANO, IN SECOND STEP OF NEW ITALIAN LUXURY PLATFORM

MILAN, Aug. 5, 2026 /PRNewswire/ -- MondeVita acquired a strategic majority position in Underscore District, the Milan based brand accelerator behind Magliano, GR10K and multibrand retailer WOK Store. The deal is the second step in MondeVita's plan to build a new Italian luxury platform, adding brand development, retail and digital commerce to the manufacturing strength the group already owns. The transaction is supported by Underscore District's existing shareholder base. Financial terms were not disclosed.

The deal follows MondeVita's acquisition of Raffaele Caruso S.p.A., the Soragna based menswear manufacturer founded in 1964, which produces both its own label and collections for several of the sector's largest houses. Caruso reported revenues of 34.2 million euros in 2025 and employs 479 people. Where Caruso gave the group industrial depth, Underscore District brings the brand building, merchandising and retail capabilities that complete the platform.

Founded in 2022 by Edoardo Di Luzio, Underscore District has built in four years an integrated platform spanning brand development, finance, operations, merchandising and e-commerce. Its portfolio generated sales of more than 7 million euros in 2025 across a wholesale network of more than 150 retailers worldwide, and each of its businesses is entering a new phase of growth. Within MondeVita, these capabilities complement the industrial base acquired with Caruso: the group now combines manufacturing, brand development and direct retail under one roof.

At the centre of the transaction is Magliano, the label founded by Luca Magliano in Bologna in 2017. The brand has shown on the Milan Fashion Week calendar since 2018 and in Paris since 2026, and in 2023 the brand won the LVMH Karl Lagerfeld Prize, the same year Luca Magliano was named to the BoF 500. Under the new ownership, MondeVita and Underscore District plan to strengthen Magliano's organisational and industrial capabilities, including access to Caruso's manufacturing base, while supporting its international expansion.

The transaction also includes GR10K, the technical workwear label in which Underscore District acquired a stake in January 2024.

Also part of the transaction is WOK Store, the Milan multibrand retailer known for its distinct curatorial approach and its connection to the city's creative community. A second Milan location was opened in 2024, and is expected to enter a new phase of expansion, growing its core multibrand business while broadening into lifestyle and new consumer categories.

The deal comes amid a broader wave of consolidation in Italian fashion and manufacturing platforms, while a sector wide slowdown in luxury demand has pushed independent designer brands toward larger partners for capital, infrastructure and distribution; in this context, MondeVita positions itself as the platform whose capabilities are built in house, giving it the means to acquire, grow and enhance every brand it brings into the group. The group views the current phase of the market as a rare opportunity: a moment when complementary capabilities, brands and talent can be brought together on a single platform positioned for the sector's next cycle of growth.

Those capabilities reach beyond fashion operations. Mondevo Tech, the group's technology arm in Singapore, operates a proprietary AI platform of 50 engineers paired with 120 AI coding agents, built to carry luxury brands into the new economy across design, production, distribution and the client experience. It is this layer, owned rather than outsourced, that the group deploys across every business it acquires.

The acquisition marks the beginning of a broader investment phase for MondeVita. The group intends to pursue additional acquisitions and strategic partnerships in complementary segments, with a particular focus on businesses of greater scale capable of accelerating the development of an internationally competitive Italian luxury platform.

Edoardo Di Luzio will remain CEO of Underscore District and will take on a strategic role within MondeVita, contributing to the development of synergies across the group's portfolio and to the identification and execution of future investment opportunities.

"Italy keeps producing the most original creative voices in fashion. We are building the platform that lets them grow at home, with the resources to compete globally," said Hussam Otaibi, chairman of Mondevo Group, the investment holding company that owns MondeVita. "Underscore District is exactly the kind of entrepreneurial engine this platform was designed to carry. And because our agentic AI, Ittikar, lets us analyse and complete due diligence on a deal in days rather than weeks or months, we can move on the right opportunities faster than anyone in this market."

"This transaction adds capabilities that money alone cannot build quickly: brand development, retail and a direct line to the culture that shapes fashion, alongside the industrial base we acquired with Caruso," said Fabio Brambilla, chairman of MondeVita. "We are building a platform where creativity and established craftsmanship reinforce one another, and Underscore District is central to that design."

"Underscore has always been built around a very entrepreneurial approach to fashion. The partnership with MondeVita gives us the opportunity to bring that model to a different scale while preserving the identity and independence of the businesses we work with," said Edoardo Di Luzio, CEO of Underscore District. "At the same time, I am excited to contribute to MondeVita's next phase and to the development of new investments that can complement what we are building."

About Underscore District

Founded in 2022, Underscore District is an Italian brand accelerator focused on building and scaling the next generation of luxury fashion brands. The group combines strategic investment, operational expertise and a long-term entrepreneurial approach to support distinctive creative businesses with global potential. Today, Underscore District's portfolio includes Magliano, one of Italy's most acclaimed fashion brands, GR10K, a pioneering technical menswear label, and Wok Store, a leading multi-brand retail platform with a strong omnichannel presence.

About MondeVita

MondeVita is an innovative luxury holding that brings together exceptional brands and extraordinary experiences, with capabilities that are owned, not outsourced: 475 craftsmen rooted in Italy; a Milan-based brand-building platform housing designer-led labels; a dedicated AI platform with 50 engineers and 120 coding agents operating out of Singapore; and a transatlantic media venture across film, television, music and gaming.

About Mondevo Group

Mondevo Group is a multi-divisional holding company headquartered in Abu Dhabi, operating at the intersection of technology, investment, and lifestyle. The group's divisions span wealth management, venture capital, luxury and lifestyle, and foundational technology platforms. Mondevo's mission is to harness AI-native capabilities and a global network of ultra-high-net-worth families to build enduring businesses across sectors with high barriers to entry and strong long-term growth potential.

source: MondeVita