MondeVita acquires majority stake in Underscore District

Following the acquisition of Raffaele Caruso spa, a Soragna-based menswear manufacturer founded in 1964, MondeVita has acquired a strategic majority stake in Underscore District. Underscore District is the Milan-based brand accelerator behind Magliano, Gr10K and the multi-brand retailer Wok Store.

"The deal represents the second step in MondeVita's plan to build a new Italian luxury platform, integrating brand development, retail and digital commerce with the group's existing solid production capacity," explained a company statement. The transaction is supported by Underscore District's existing shareholder base. Financial terms were not disclosed.

MondeVita is part of Mondevo Group, a multi-divisional holding company based in Abu Dhabi. Under the new ownership, MondeVita and Underscore District plan to strengthen Magliano's organisational and industrial capabilities. This includes providing access to Caruso's production facility while supporting its international expansion.

Edoardo Di Luzio to remain CEO of Underscore District

Founded in 2022 by Edoardo Di Luzio, Underscore District has developed an integrated platform over four years. It covers brand development, finance, operations, merchandising and e-commerce. Its portfolio generated sales of over seven million euros in 2025 through a wholesale network of more than 150 retailers worldwide. Each of its businesses is now entering a new growth phase. "Within MondeVita, these skills complement the industrial base acquired with Caruso. The group now combines manufacturing, brand development and direct retail under one roof," added the management.

Edoardo Di Luzio will remain CEO of Underscore District and will take on a strategic role within MondeVita. He will contribute to developing synergies across the group's portfolio and identifying and executing future investment opportunities.

"Underscore has always been structured around a strongly entrepreneurial approach to fashion. The partnership with MondeVita gives us the opportunity to take this model to a different scale, preserving the identity and independence of the businesses we work with," said Edoardo Di Luzio, CEO of Underscore District. "At the same time, I am excited to contribute to MondeVita's next phase and to the development of new investments that can complement what we are building."

At the heart of the transaction is brand Magliano

The deal also includes Gr10K, the technical workwear brand in which Underscore District acquired a stake in January 2024.

At the heart of the transaction is Magliano, the brand founded by Luca Magliano in Bologna in 2017. The brand has been on the Milan Fashion Week calendar since 2018 and in Paris since 2026. In 2023, it won the Karl Lagerfeld Prize as part of the LVMH Prize. Under the new ownership, MondeVita and Underscore District plan to strengthen Magliano's organisational and industrial capabilities, including access to Caruso's production facility, while supporting its international expansion.

"Italy continues to produce the most original creative voices in fashion. We are building the platform that allows them to grow at home, with the resources to compete globally," said Hussam Otaibi, chairman of Mondevo Group. "Underscore District is exactly the kind of entrepreneurial engine this platform is designed to support. Since our agentic AI, Ittikar, allows us to analyse and complete due diligence on a deal in days rather than weeks or months, we can seize the right opportunities faster than anyone else in this market."

"This transaction adds expertise that money alone cannot build quickly: brand development; retail; and a direct line to the culture that shapes fashion, alongside the industrial base we acquired with Caruso," emphasised Fabio Brambilla, chairman of MondeVita. "We are building a platform where creativity and established craftsmanship reinforce each other, and Underscore District is central to this project."

Also part of the deal is Wok Store, the Milanese multi-brand retailer known for its distinctive curatorial approach and its connection to the city's creative community. A second Milan location opened in 2024 and is expected to enter a new phase of expansion. It will grow its core multi-brand business and expand into lifestyle and new consumer categories.

The acquisition marks the beginning of a broader investment phase for MondeVita, the management added in the note. The group intends to pursue further acquisitions and strategic partnerships in complementary segments. It will focus particularly on larger-scale businesses capable of accelerating the development of an internationally competitive Italian luxury platform.