Nanushka Shuts Its Stores as Style Capital Buys N21. What Fashion’s Week in Deals Tells Shoppers

2 min read

Nightlife Report · Fashion Desk · Lillith Magic · Directed by Anthony Perlas

Two independent labels went in opposite directions this week. Hungarian brand Nanushka has closed all of its physical stores and cut its staff to 20, while Milan’s N21 has a new owner in investment firm Style Capital, with founder Alessandro Dell’Acqua staying on as creative director (BoF, BoF).

What happened to Nanushka?

Board member Peter Baldaszti told Business of Fashion that the label, which once employed 150 people, is down to 20 and still downsizing. It has closed every physical store and paused sales of upcoming collections to wholesale partners, and its website was unavailable when BoF reported on October 30 (BoF).

“Nanushka has been operating for twenty-one years and has navigated several crises. Its current situation is the most complex it has faced,” Baldaszti said. He pointed to an ambitious expansion colliding with market disruption and financing constraints.

How did a buzzy brand get here?

Sandra Sandor founded Nanushka in 2005. Baldaszti, her long-time partner, became CEO in 2016 and brought in outside investment. A sale fell through at the end of 2022, the company took on debt in 2023 to stabilize, and last year its lender took control of the brand. Negotiations to refinance and restructure are ongoing, and the stated goal is to return to wholesale for the autumn/winter 2027 sales season “with a stabilised operation” (BoF).

Who bought N21, and what changes?

Style Capital announced the N21 deal on Monday, November 2, without financial terms. Long-time industrial partner Gilmar exits, Dell’Acqua stays as creative director, and Style Capital says it will back the label’s international expansion. N21 is stocked in more than 250 multibrand stores worldwide and joins a portfolio that includes MSGM, Zimmermann, Soeur and Autry (BoF). Dell’Acqua founded N21 in 2010 after creative roles that included Rochas.

RelatedWhat You Missed: Monday, Nov 2

What else moved in fashion business this week?

Fashionista’s Monday roundup also flagged Rent the Runway adding designer handbags for its Icon members and Outdoor Voices expanding into the UK and EU (The State / Fashionista).

The Nightlife Report take

The lesson for anyone building a label, LA designers included, is that growth has to be paid for. N21 got a backer with a plan for expansion. Nanushka expanded first and is now trying to refinance. If you’re launching a line off the back of a runway night, a smaller footprint you can sustain beats a store you can’t. For how the bigger houses are playing it, read why Versace, Hermès and Celine want in on couture.

FAQ

Has Nanushka shut down? It hasn’t announced a shutdown. It has closed its stores, cut staff to 20 and paused wholesale while it negotiates a restructuring, according to BoF.

Who owns N21 now? Style Capital, the Milan-based investment firm.

Is Alessandro Dell’Acqua leaving N21? No. He stays on as creative director.

Your move: Building a label or a brand? Join the Nightlife Report Discord, where designers, models and promoters talk shop. Book a Lillith Magic shoot for lookbook-grade imagery, follow @lillithmagic on Instagram, and get the full read on Patreon.

Lillith Magic · Directed by Anthony Perlas · Nightlife Report

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