Italian fashion label Krizia has a new owner

Chinese fashion retailer Shenzhen Marisfrolg Fashion Co. has taken control of Italian fashion house Krizia.

The company's founder, Mariuccia Mandelli is passing on her responsibilities after being present in the industry for over sixty years, reported WWD. Zhu Chongyun, owner of Shenzhen Marisfrolg, is set to take over as chairman and creative director of Krizia and her first collection for the brand is set to launch February 2015, in Milan.

The women's wear label was founded in 1954, but over the past few years has slowed its momentum in comparison to other historical Italian fashion labels. Aldo Pinto, Mandelli's husband and president of Krizia, ailing health combined with Mandeill poor health has caused production volumes to wan. Krizia enjoyed its heydays in the nineties, when it generated an annual turnover of 500 million dollars.

Zhu Chongyin is expected to breathe new life into the fashion label and over the next five years plans to open Krizia flagship stores in Beijing, Shanghai, Guangzhou and Chengdu. She will also slowly re-establish stores in larger European cities, Japan as well as the United States.

Mandelli commented that she was “delighted” to have “founded a successor” who has “strength and talent and is willing to lead Krizia's international growth.” The couple are currently both in their and lacked a second generation of family to take over the reigns of the fashion label.

Shenzhen Marisfrolg was founded in 1993 and last year reported sales of 418 million dollars. The company has over 400 own stores that offer its premium Marisfrolg label in shopping malls and department sires in South Korea, China, Singapore and Macua. However the Krizia line will not be offered in those stores and will remain based out of Milan.