Mossimo Giannulli Net Worth
Mossimo Giannulli net worth: Mossimo Giannulli is an American fashion designer who has a net worth of $80 million. With his wife Lori Loughlin, he has a combined net worth of $100 million. Mossimo Giannulli is the founder of the fashion house that bears his name, Mossimo. Mossimo Giannulli was raised in the country's region that is marked by a casual, beach lifestyle, twenty-year-old Mossimo decided to make money on that particular clothing. It was in 1987, when he borrowed money from his father and started a small apparel company out of a garage on Balboa Island in Newport Beach, California. Over the years, his business eventually added a wide range of products like sweatshirts, knits and sweaters, as well as women's clothes and men's tailored suits. After almost a decade in business, Mossimo, Inc. had turned into a multi-million dollar sportswear and accessories company. At its peak, the brand was sold in 1,700 stores within the US, and with around 600 international stores worldwide.
Mossimo (the brand) was a hit right away, earning $1 million in its first year. By 1996, the company was earning $76 million per year and generating $12 million in profits. Unfortunately, the good times did not last forever. The expansion proved to be costly and perhaps rash. In 1997, Mossimo lost nearly $19 million. At the peak of the company's success when the stock price topped $50, Mossimo Gianulli's equity stake was worth $500 million. After the company's growth began to decline and expenses soared, the stock price eventually hit a low of $4.75. Mossimo Giannulli eventually sold the company to Iconix Brand Group and today the clothes are sold exclusively at Target. Gianulli is married to Full House actress Lori Loughlin. They have two daughters, including social media star Olivia Jade.
Lori and Mossimo's Real Estate: Lori and Mossimo's primary residence is a $19 million mansion in Bel Air, California. The couple purchased the house for $14 million in 2015. At one point they listed the mansion for sale for an eye-popping $35 million, but they didn't get any takers. They previously lived in a large Beverly Hills mansion which they sold in 2015 for $18 million. Prior to that they lived in a different home in Bel Air which sold in 2018 (by a different owner) for $40 million.
College Bribery Arrest: On March 12, 2019 the FBI raided Mossimo and Lori's Bel Air home in connection to a college bribery scam. Lori and Mossimo allegedly paid $500,000 to get their two daughters admitted to the University of Southern California under the guise that they were recruited to the rowing team.
Mossimo Giannulli Net Worth Milestones:
- Mossimo dropped out of USC after less than a year to launch his clothing company with a $100,000 loan from his father. His vision was to launch a beachwear brand much like the then-dominant Stussy. He plastered what would eventually become the company's iconic "M" logo on volleyball shorts and t-shirts. In the early 90s, Stussy perfected the strategy of limited releases which made customers feel like they were in a special club. This strategy allowed the company to build hype to a point where by 1991 Stussy's revenue was $24m. Mossimo followed that strategy perfectly in the early days.
- After one year in business, Mossimo profited $1m. After year two, he profited $4m thanks to an expansion into woven sweaters, sweatshirts and more. By 1992 Mossimo was doing $32 million per year in revenue.
- The company went public in 1996. By this point Mossimo had 300 employees and was doing $70 million per year in revenue. At the time Mossimo Giannulli was 32 years old which made him the youngest CEO of a company listed on the New York Stock Exchange. After the IPO, Mossimo Giannulli's net worth (pretax, on paper) was $$275 million thanks to his 73% ownership stake.
- At its peak as a public company, Mossimo traded at $50 a share. At that level, Mossimo's stake was worth $500 million.
- Unfortunately, by 1998 shares in his company dropped 90% to $4.75, bringing Mossimo's stake down to $50 million. This happened as a result of over expansion into upscale clothing which disenfranchised his original fans while also not attracting new high-end customers.
- In 2000, Mossimo struck a deal with Target that paid him $8.5 million per year in royalties for three years.
- In 2006, the company was sold to Iconix Brand Group for $135 million in cash and debt absorption
|Net Worth:||$80 Million|