MILAN — Swinger International has confirmed the acquisition of Philippe Model Paris. WWD and FN first reported on Wednesday that the Italian fashion group was taking control of the sneaker brand.
“Philippe Model has a patrimony of aesthetics and values that is very strong,” said Mathis Facchini, president of Swinger International. “The acquisition stems from the wish to respect its history, working at the same time on an evolution that is increasingly more contemporary.”
The agreement was sealed between Swinger International and 21 Invest, which in July 2016, when it was called 21 Investimenti, acquired a majority stake in the brand. Financial details were not disclosed. Alessandro Benetton founded the private equity firm in 1992.
“Our strategy comprises image, distribution and product and aims to renew the storytelling through a communication with an international public, knowledgeable about the quality of the brand,” continued Facchini.
Facchini’s goal is to make Philippe Model “a point of reference in the premium casual luxury segment” through the expansion of the collection’s offer in ready-to-wear, which will allow it to “create a complete and consistent style universe.”
Philippe Model Paris sneakers.
In a statement, Swinger International emphasized Philippe Model Paris’ “distinctive aesthetic, research of materials, manual craftsmanship and cosmopolitan design blending comfort and style.”
The acquisition contributes to the growth of the company through “brands with a strong identity and global potential.” Swinger International, based in Verona, Italy, also owns Genny, produces the Just Cavalli and Versace Jeans Couture collections and has also just invested in the Etro brand with Rams Global and SRI Group.
Philippe Model’s namesake founder, an artist and painter, in the ’80s invented the innovative and successful “Elastique,” a comfortable heeled shoe style crafted from elastic bands. Throughout his career he has collaborated with key Paris designers and brands, from Claude Montana and Jean Paul Gaultier to Christian Dior and Lanvin, among others.
Once a company spanning from haute couture accessories to interior design projects, Philippe Model was relaunched in 2008 as a men’s and women’s premium sneaker company, entirely manufactured in Italy’s Riviera del Brenta footwear district. It is estimated to have sales of 30 million euros.
