Fashioneast acquires John Richmond

Luxembourg-based firm Fashioneast Srl. has acquired the John Richmond brand. The acquisition was announced on Thursday via the brand, which is set to relocate from Milan to London. It is understood that the label will continue to show its men's wear collection in Milan, and aims to unveil it's women's wear collection in London.

The brand was formerly held by Akkurate Ltd, which included Saverio Moschillo as one of its main shareholders with a 50 percent stake. The eponymous British designer Richmond, who held a 35 percent stake in the brand appeared to be pleased to be going his separate ways.

"Saverio Moschillo and myself turned out to have a different vision on the direction of the label," said Richmond in a statement. "I wanted to go back to my design roots and embrace the evolution that is taking place in the fashion industry, expanding the brand in the world of social and digital media. It is correct to say that Saverio and I are not working together any more and that I appreciate what he has done for the brand in the past."

However, Saverio Moschillo, which manufactures and distributes the brand, was unaware of the incident. "I don’t understand what he is saying," said Moschillo over the phone to WWD. "I don’t know what he is talking about. Right now, I’m still the owner, we have never got in touch with this company. To use a metaphor, I feel like a wife and he is the husband who has abandoned the house — he has to pay alimonies."

Moschillo added that he will be taking legal action against Richmond and that from next season onwards, he will be presenting a collection under the Richmond brand.