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Mossimo

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Mossimo
Company typeSubsidiary
IndustryClothing
Founded1986; 38 years ago (1986)
Newport Beach, California, U.S.
FounderMossimo Giannulli
HeadquartersIrvine, California, U.S.
Area served
Worldwide
ProductsShirts, jeans, jackets, socks, underwear, and accessories
ParentIconix Brand Group

Mossimo is a mid-range American clothing company, founded in 1986 by designer Mossimo Giannulli and owned by Iconix Brand Group since 2006. Mossimo specializes in youth and teenage clothing such as shirts, jeans, jackets, socks, underwear, and accessories.

History

Founding (1986) and expansion

Mossimo was founded in 1986 by Mossimo Giannulli on Balboa Island in Newport Beach, California. Mossimo dropped out of the University of Southern California in 1987 to create his self-named streetwear line, with a $100,000 loan from his father.[1] During his first year in business he grossed $1 million.[2] The following year he made $4 million.[3] In 1991, Mossimo expanded the line to include sweatshirts, knits, and sweaters.[citation needed] By 1995, the collection included women's clothing and men's tailored suits.[citation needed] After eight years in business, Mossimo, Inc. had grown into a multimillion-dollar lifestyle sportswear and accessories company.[citation needed]

IPO (1996) and relationship with Target (2000–2017)

In 1996, Mossimo went public in an initial public offering.[3] After shares tumbled from $50.00 to $4.75 when Giannulli tried and failed to transition the brand from streetwear/beachwear to high fashion,[4] he took the brand downscale. On March 28, 2000, Mossimo, Inc announced a major, multi-product licensing agreement with Target stores, for $27.8 million.[5][3] In 2017, Target underwent a makeover, introducing new smaller lines and eliminating bigger billion-dollar lines, including Mossimo.[6]

Target distanced itself from Mossimo amid Mossimo Giannulli's alleged involvement in the 2019 college admissions bribery scandal, saying that Target had not been involved with Giannulli in over a decade.[7] Mossimo and his wife, actress Lori Loughlin, have been accused of bribing University of Southern California officials with up to $500,000, to secure enrolment of their two daughters.[8]

Acquisition by Iconix (2006)

In 2006, Mossimo was acquired by Iconix Brand Group.[3]

References

  1. ^ Babcock, Gregory (2015-07-20). "How '90s Cool Brand Mossimo Went From Stussy Rival to Target Stores". Complex. Retrieved 2020-05-11.{{cite web}}: CS1 maint: url-status (link)
  2. ^ "Mossimo Giannulli - Fashion Designer | Designers | The FMD". Fashion Model Directory. Retrieved 20 June 2017.
  3. ^ a b c d "How Mossimo Went from Being Head-to-Head with Stussy to Target's In-House Brand". The Hundreds. Retrieved 5 May 2016.
  4. ^ "How Mossimo Went from Being Head-to-Head with Stussy to Target's In-House Brand". The Hundreds. Retrieved 9 April 2019.
  5. ^ Earnest, Leslie (29 March 2000). With Losses Mounting, Mossimo Turns to Target, The Los Angeles Times.
  6. ^ Kumar, Kavita. "Target is shedding Merona and Mossimo and adding new brands instead". The Los Angeles Times. Retrieved 23 April 2019.
  7. ^ Barrabi, Thomas (14 March 2019). "Target distances itself from Mossimo label amid college admissions scandal". FOX Business. Retrieved 23 April 2019.
  8. ^ Franklin, Ericka. "Meet Lori Loughlin's Husband, Fashion Designer Mossimo Giannulli". The Hollywood Reporter. Retrieved 2020-05-11.{{cite web}}: CS1 maint: url-status (link)
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