Milan-based Underscore District, a prominent fashion business accelerator and owner of the Italian outerwear brand Magliano, has successfully acquired a majority stake in GR10K, an Italian utility- and workwear label founded in 2019 by Anna Grassi. The financial details of this strategic acquisition have not been disclosed.
GR10K, recognised for its straightforward yet high-performance offerings, including mid-layers, shells, sweaters, and workwear pants, has established a presence in 70 stores across Europe, Asia, and the US. Notably, in 2021, the brand initiated a collaboration with Salomon, aligning with the latter’s successful lifestyle-focused business catering to the prevailing performance trend.
The joint statement from Underscore District and GR10K emphasises that this investment aims to propel the brand to new avenues. The focus lies on expanding into diverse product categories, augmenting brand awareness, and fortifying its international footprint.
Underscore District’s CEO, Edoardo Di Luzio, justified the acquisition by highlighting GR10K’s ability to attract an international and loyal customer base through a distinctive image, innovative products, and continuous innovation. Di Luzio expressed admiration for GR10K’s work on products and branding, aligning with their ‘ideal’ partner profile.
GR10K’s founder, Anna Grassi, lauded Underscore District as a partner, citing its innovative investment approach. The two entities engaged in discussions about the brand’s future, culminating in a shared strategic plan.
This acquisition marks Underscore District’s fourth investment, managing other notable entities like Piumestudio, a women’s footwear and accessories brand in Italy’s Veneto region, and WOK Store, a forward-thinking fashion concept store in Milan. Formerly known as Impossible Brands, the accelerator rebranded in late 2022, coinciding with its partnership with Magliano.
