Style Capital Takes Control of No. 21 as Gilmar Exits

Private equity fund Style Capital has taken control of Milan-based brand No. 21, ending Gilmar's 12-year industrial partnership with the label. Financial terms were not disclosed. The deal, confirmed Thursday, follows a WWD report on Tuesday after Milan industry sources speculated about a fund investment.

Founder Alessandro Dell'Acqua retains his role as creative director. Gilmar, the brand's long-standing licensee and minority shareholder, exits the business entirely.

What changes at No. 21?

The ownership structure shifts completely. Gilmar Divisione Industria SpA had held a 30 percent stake in No. 21 since 2015, acquired two years after signing its first licensing agreement with the brand for the spring 2013 collection. Dell'Acqua held the remaining 70 percent majority stake. He founded the label in 2010, debuting it with the fall 2010 collection.

"I am delighted that No. 21 is embarking on this new chapter with Style Capital and Roberta Benaglia, an entrepreneur with deep knowledge of the fashion industry who shares my belief in the importance of combining creative vision with business development," Dell'Acqua said.

Style Capital founder and managing partner Benaglia framed the acquisition as a growth play grounded in the brand's creative identity rather than a turnaround. "No. 21 is one of the most authentic and recognizable expressions of contemporary Italian creativity. Over the years, Alessandro Dell'Acqua has developed a distinctive, consistent and deeply personal design language, building a brand with a strong identity and significant untapped potential," she said.

"Our aim is to support Alessandro in this new chapter, preserving his creative autonomy while giving No. 21 the strategic, managerial and industrial expertise it needs to grow internationally," Benaglia added. "We believe successful brands are born of an authentic creative vision and flourish when that vision is backed by sound entrepreneurial skills."

Why did Gilmar exit?

The exit is tied directly to Gilmar's financial restructuring. Gilmar filed for protection measures with Rimini court last week. The procedure entails three moves:

• Phase-out of Gilmar's licensing business
• Sale of its industrial complex
• Transfer of its third-party manufacturing operations

Gilmar Divisione Industria SpA also holds licenses for Iceberg and Paolo Pecora, raising questions about the wider manufacturing footprint affected by the restructuring.

What does the brand's distribution look like?

No. 21 currently stocks in more than 250 multi-brand stores worldwide. The offer spans womenswear, menswear, footwear and accessories. The brand has tested beauty through collaborations, most recently with K-beauty brand Amuse earlier this year.

The label has been a fixture of Milan Fashion Week since its 2010 debut but skipped the September edition — a signal of the operational strain preceding the ownership change.

How does the deal fit Style Capital's portfolio?

No. 21 joins a portfolio that includes MSGM, Forte_Forte, Autry, Zimmermann, Soeur and RE-DONE. Style Capital also recently entered the beauty arena, acquiring Parisian niche fragrance house Essential Parfums — a move that could open distribution synergies for No. 21's beauty experiments.

Style Capital positions the takeover as the start of a new development phase, aimed at consolidating the brand's positioning and driving international growth. Sourcing and licensing partners for the post-Gilmar production setup have not been named.