How Mossimo Giannulli Built — and Lost — A Billion-Dollar Fashion Empire… And Aunt Becky

I have some good news for any guy who grew up in the 1980s. If you're like me, there's a good chance your first crush was Aunt Becky from "Full House." Aunt Becky was played by the now-infamous, but still undeniably glamorous at 61, Lori Loughlin. For nearly three decades, she was married to fashion designer Mossimo Giannulli — a man who, at his peak, built one of the hottest clothing brands in America. If you were a teenager in the mid-1990s, chances are you owned at least one Mossimo T-shirt, hoodie, or pair of shorts.

Their marriage seemed like the ultimate Hollywood success story: she was a beloved sitcom star, he was a self-made fashion mogul who took his brand public, and once controlled a fortune worth hundreds of millions. Together they raised two daughters, bought and sold some of the most extravagant mansions in Los Angeles, and lived the kind of life most people only see in glossy magazines.

But over the past several years, things have unraveled. Both Mossimo and Lori were sent to prison for their roles in the Operation Varsity Blues college admissions scandal, their reputations were shattered, and lucrative careers were cut short. And now, in October 2025, a spokesperson has confirmed that Lori and Mossimo have separated after nearly 28 years of marriage. For Mossimo, the split is just the latest setback in a story that has gone from billion-dollar heights to scandalous lows.

(Photo by Donato Sardella/WireImage)

The Birth of Mossimo

Mossimo Giannulli's story began in 1984, when he dropped out of the University of Southern California after just one year. Armed with $100,000 from his parents ' money he later admitted came from a questionable scheme involving fake report cards, Giannulli launched his namesake brand in 1986 from his apartment on Balboa Island in Orange County.

His vision was simple but powerful: capture the laid-back, neon-soaked surf culture of Southern California and sell it as a lifestyle. Mossimo's bold, three-paneled beach volleyball shorts and oversized graphic tees with the signature "M" logo became instant staples among California teens.

The timing was perfect. By 1987, the brand grossed $1 million; a year later, $4 million. Within a few years, Mossimo expanded from surf shops to department stores and broadened his offerings to include sweaters, sweatshirts, and casualwear.

By 1992, Mossimo employed more than 50 people and generated $32 million in sales. Even during a nationwide recession, when most retailers were struggling, Giannulli's company thrived. He had tapped into a cultural wave, and the business was riding high.

Going Public and the Billion-Dollar Dream

The true peak came in 1996. Just 10 years after launching from his small apartment, Mossimo took his company public. The IPO was a Wall Street sensation. Shares surged 39% on the first day, making it the second most active debut on the New York Stock Exchange that year. At just 32, Giannulli became the youngest chairman of a publicly traded company.

His 73% stake in the company was suddenly worth $275 million. When the company's stock price briefly touched $50 a share, Mossimo's net worth on paper was $500 million.

But fashion is fickle, and Giannulli made a critical mistake. Hoping to pivot from beachwear to upscale designer fashion, he rebranded Mossimo with high-end denim and pricey sweaters. Customers balked. The core fan base wanted affordable surfwear, not $100 jeans. By 1998, sales had plummeted, and the stock collapsed to under $5 a share, dropping the value of Mossimo's stake to less than $50 million. The company lost nearly $19 million that year, and the once-golden boy of retail suddenly looked vulnerable.

The Target Lifeline

In 2000, Giannulli made a bold move to save his brand: he struck a licensing deal with Target. The $27.8 million agreement guaranteed Mossimo $8.5 million in royalties in its first year and gave Target instant credibility in the fashion space. For a while, the partnership was a win-win. Mossimo shifted from surf shops to the aisles of middle America, and Giannulli bought time to stabilize his finances.

By 2006, the brand had run its course at the premium level and was absorbed by Iconix Brand Group in a $135 million cash-and-stock deal. The once-trendy surfwear label was now a mass-market staple, far removed from its beachy origins.

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Hollywood Marriage and Real Estate Empire

By the time Mossimo sold his company, he was already married to Lori Loughlin. The pair tied the knot in 1997 and went on to raise two daughters, Isabella and Olivia Jade. From the outside, they appeared to be living a charmed life — blending Hollywood fame with fashion wealth.

The couple became well-known for their string of high-profile real estate investments. They owned estates in Bel Air, Beverly Hills, Aspen, Laguna Beach, La Quinta, and Hidden Hills, where their neighbor was John Stamos, Lori's on-screen husband from "Full House." They often bought properties, poured millions into renovations, and resold them at headline-making prices. At one point, their Bel Air mansion was listed for $35 million, though they ultimately sold it for $18 million.

Operation Varsity Blues

The fairytale lifestyle came crashing down in 2019 with the college admissions scandal known as Operation Varsity Blues. Federal prosecutors accused Mossimo and Lori of paying $500,000 to have their daughters admitted to USC as fake rowing recruits, despite neither girl having any background in the sport.

The couple initially pleaded not guilty, but in May 2020, they struck plea deals. Lori served two months in prison and paid a $150,000 fine, while Mossimo received a five-month sentence and a $250,000 fine. Both completed 250 hours of community service.

The fallout was immediate and devastating. Hallmark and Netflix severed ties with Lori, editing her out of productions. Olivia Jade lost lucrative brand sponsorships with Sephora, TRESemmé, and others. The scandal not only stained their reputations but also exposed the darker side of wealth and privilege that had fueled their public image for years.

Separation and Legacy

And the hits kept coming. In October 2025, after nearly 28 years of marriage, a spokesperson confirmed that Lori Loughlin and Mossimo Giannulli had separated. They are said to be "taking a break" and "living apart," though no legal proceedings have been filed.

For Giannulli, the separation is just the latest chapter in a life defined by dramatic swings. He went from a scrappy college dropout with $100,000 in seed money to a fashion mogul worth hundreds of millions. He sold his company at the right time, married a television star, and built a family fortune through real estate. But his name is now indelibly tied to scandal, prison time, and public humilation.