Mossimo Explained

Mossimo
Fate:	Acquired by Iconix Brand Group
Foundation:	Newport Beach, California, U.S.
Founder:	Mossimo Giannulli
Defunct:	2006
Area Served:	Worldwide
Industry:	Textile
Location City:	Irvine, California
Location Country:	U.S.
Products:	Shirts, jeans, jackets, socks, underwear, accessories
Owner:	Mossimo Giannulli (1986–2006) Iconix Brand Group (2006–present)

Mossimo was a sportswear and accessories company, founded in 1986 by designer Mossimo Giannulli that was acquired by Iconix Brand Group in 2006. Mossimo specialized in youth and teenage clothing such as shirts, jeans, jackets, socks, underwear, and accessories.

History

Founding (1986) and expansion

Mossimo was founded in 1986 by Mossimo Giannulli on Balboa Island in Newport Beach, California. Giannulli dropped out of the University of Southern California in 1987, to create his Mossimo streetwear line, with a $100,000 loan from his father.^[1] At the close of his company's first fiscal year, Giannulli had $1 million in profits.^[2] The following year, he had $4 million.^[3]

Mossimo clothing features prominently in the 1990 volleyball film Side Out.

IPO (1996) and relationship with Target (2000–2017)

In 1996, Mossimo went public in an initial public offering.^[3] After shares tumbled from $50.00 to $4.75 when Giannulli tried and failed to transition the brand from streetwear/beachwear to high fashion,^[4] he took the brand downscale. On March 28, 2000, Mossimo, Inc announced a major, multi-product licensing agreement with Target stores, for $27.8 million.^{[5] [3]} In 2017, Target underwent a makeover, introducing new smaller lines and eliminating bigger billion-dollar lines, including Mossimo.^[6]

Target distanced itself from Mossimo amid Mossimo Giannulli's involvement in the 2019 college admissions bribery scandal, saying that Target had not been involved with Giannulli in over a decade.^[7] Mossimo and his wife, actress Lori Loughlin, were convicted of bribing University of Southern California officials with up to $500,000, to secure enrollment of their two daughters.^[8]

Acquisition by Iconix (2006)

In 2006, Mossimo was acquired by Iconix Brand Group.^[3]

Notes and References

1. Web site: How '90s Cool Brand Mossimo Went From Stussy Rival to Target Stores. Babcock. Gregory. 2015-07-20. Complex. en. 2020-05-11.
2. Web site: Mossimo Giannulli - Fashion Designer Designers The FMD . . 2017-06-20 . dmy-all .
3. Web site: How Mossimo Went from Being Head-to-Head with Stussy to Target’s In-House Brand . . 5 May 2016 . dmy-all .
4. Web site: How Mossimo Went from Being Head-to-Head with Stussy to Target's In-House Brand . . April 9, 2019 . dmy-all .
5. Earnest, Leslie (29 March 2000). With Losses Mounting, Mossimo Turns to Target, The Los Angeles Times.
6. Web site: Target is shedding Merona and Mossimo and adding new brands instead. Kumar. Kavita. . 2019-04-23 . dmy-all .
7. News: Target distances itself from Mossimo label amid college admissions scandal . Barrabi . Thomas . 2019-03-14 . . en-US . 2019-04-23 . dmy-all .
8. Web site: Meet Lori Loughlin’s Husband, Fashion Designer Mossimo Giannulli. Franklin. Ericka. The Hollywood Reporter. en. 2020-05-11.