Search efforts for Italian fashion scion Vittorio Missoni restarted this morning off the coast of Venezuela, local authorities said today.
His plane, which went missing on January 4, was carrying the 58-year-old executive responsible for marketing at the eponymous fashion house, as well as his partner and four others.
"As tragic and unfortunate as this is, Missoni will find a way to appoint a new head, while operations should go on largely on a business-as-usual manner" should Vittorio not be found alive, said Luca Solca, the head of luxury-goods research at Exane BNP Paribas.
"Missoni's brand image is huge, but its size is small, which should make it feasible to manage a transition."
Founded in the 1950s by Vittorio's parents Ottavio and Rosita, Missoni is run by Vittorio, his brother Luca and their sister Angela.
Missoni's 2011 collaboration with Target won headlines when the website of the second-largest US discount retailer failed to function because of higher-than-expected demand for the brand's maxi dresses and home furnishings at a fraction of their typical cost.
The fashion house, whose designs have been worn by pop stars Madonna and Jennifer Lopez, has also partnered companies including stroller maker Bugaboo and Valentino Fashion Group, licensee of the lower-priced M Missoni line that was introduced in 1998 to broaden the brand's customer base.
"Even in the worst-case scenario, the company will go on," said Armando Branchini, founder of Milan-based luxury consultant Intercorporate. "There is no doubt about this."
Bloomberg
