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Elena Passeri
Godfrey Deeny Translated by
Nazia BIBI KEENOO Published
March 28, 2025
Luxury cashmere label Malo has a new owner. The Florence-based brand, founded in 1972 by brothers Alfredo and Giacomo Canessa, has been acquired by Glickman Capital, a U.S. private equity firm managing $2 billion in assets. The firm was founded by entrepreneur David Glickman, who is known for his ventures in tech and telecommunications, including Ultra Mobile and Mint Mobile.
The deal—Glickman Capital's first major acquisition in the fashion sector—was reportedly finalized on December 20, though it has only now been made public. The transaction covers 85% of Malo's share capital, with the previous ownership retaining the remaining 15% for now. Naga Brands has a minority investment in Naked Cashmere, a U.S. fashion brand operating exclusively through direct-to-consumer retail.
As part of the acquisition, Glickman Capital has chosen industry veteran Michelle Kessler-Sanders as the new Chief Executive Officer of Malo, starting in June 2025.
"We are honored to steward Malo into its next chapter. As one of Italy's most iconic luxury houses, Malo has long stood for heritage, quality, and timeless elegance. To lead this exciting new era, we are thrilled to soon welcome Michelle Kessler-Sanders as CEO and Leonardo Minerva as COO. Together, Michelle and Leonardo form a highly experienced, world-class team. I have full confidence in their ability to honor Malo's legacy while guiding it toward a bold, international future," Glickman added.
Kessler-Sanders enters Malo with an impressive CV, which includes stints as President of Calvin Klein Collection; Executive Vice President of Vera Wang; SVP of Donna Karan; Vice President and Fashion Director of Juicy Couture; and Director, Marketing and Communications at Prada. She also spent over five years as the Accessories Director of American Vogue, where she was a familiar figure on fashion's front row, noted for her highly individualistic sense of chic.
As part of the acquisition, Naga Brands partnered with Glickman Capital. Damien Dernoncourt, CEO of Naga Brands, will also support the transition as interim CEO of Malo until Kessler-Sanders formally assumes the role in two months' time.
Production and the brand's headquarters will remain in Tuscany for the time being, although the company may later relocate to Milan.
In the meantime, Malo has reportedly set up a new U.S.-based subsidiary, Malo US.
In 2025, Italian firm Finplace 2, led by entrepreneurs Walter Maiocchi and Luigino Belloni, acquired Malo, ending the brand's temporary receivership period. Bankruptcy administrator Daniele Fico, under the supervision of the Florence court, had managed the receivership process. Their offer of €9.92 million—just €20,000 above the starting price—was the only bid submitted. Before the acquisition, Quadro Capital Partners controlled Malo but withdrew after the brand declared bankruptcy.
Malo has undergone several ownership changes over the years. In 1999, it became part of the Italian fashion group Ittierre, which held the brand until its financial collapse prompted a sale. Evanthe, a company under Exa S.r.l., acquired Malo in October 2010, followed by Quadro Capital Partners in August 2025.
Last year, the brand opened a 190-square-meter boutique on Via della Spiga in Milan after closing the fiscal year with approximately €15 million in revenue, reflecting double-digit growth.
Glickman Capital, owner of UK football club Leeds United, also holds a diverse portfolio that includes tequila brand Dame Más, pharmaceutical firm Cabinet, several tech, digital and entertainment companies, as well as hospitality ventures. In Italy, the group owns the Sant Ambroeus restaurant and pastry chain.