Italian businessman Lapo Elkann has found new partners for his eyewear brand Italia Independent. Elkann, the brand’s majority shareholder, has struck a deal with venture capital firm Creative Ventures, which is buying a stake in Italia Independent through a share capital increase worth €6 million. Elkann himself has pledged to underwrite a share capital increase of €2 million. In recent years, Italia Independent refocused on its eyewear business, notably selling its creative agency to advertising group Publicis. 

In the new shareholding structure, Creative Ventures holds a 25.4% stake in Italia Independent, while Elkann remains the majority shareholder, with a 53.6% interest.

Creative Ventures is wholly owned by the Talent EuVECA investment fund, managed by AVM Gestioni. Once the operation will be completed, Creative Ventures’s stake in Italia Independent will be held by AVM Gestioni, Centurion Global Fund Sicav and “potentially by other select investors,” wrote the group in a press release.

“The injection of fresh capital and the bond issue's charge to net asset reserves mean that the company will now be able to enter a new phase, featuring a more articulated, incisive commercial relaunch thanks to the tools and resources necessary to pursue sustainable growth across new channels and new markets,” wrote Italia Independent.

“I’m happy to have found new companions in this adventure. They will support the company and myself in this relaunch phase and will help us develop the Italia Independent brand worldwide,” said Elkann, founder and president of Italia Independent.

Giovanna Dossena, president of AVM Gestioni, commented: “The inspiration, prestige, heritage and values of [Italia Independent], and its founders’ intuitions, are the necessary conditions for its expansion on new markets and new business models. It's a challenge that the management of Italia Independent and ourselves are ready to take on. The journey we have begun is extremely important, and all the conditions exist for the deployment of our future strategies.”

The €6 million share capital increase will be achieved via the issue of 2,553,191 new shares with a nominal value of €1 each.