Facts of Mossimo Giannulli
|Full Name||Massimo Giannulli|
|Birth Name||Massimo Giannulli (changed to Mossimo)|
|Birth City||Los Angeles, California|
|Birth Country||United States|
|Father Name||Gene Giannulli|
|Mother Name||Nancy Giannulli|
|No Of Children||3|
|Education||University of Southern California (drop-out)|
|Date of Birth||June 4,1964|
Mossimo Giannulli, an American fashion designer, is famous as the founder of Mossimo, a mid-range clothing line. Founded in 1986, Mossimo's fashion line's shares stake collapsed in the late 90s by 90% hammering Giannulli's fortune directly.
Over the years, Mossimo & his actress wife Lori Loughlin's romantic PDAs got them in wide talks of the media until their alleged involvement in the 2019 college admission bribery scandal burst them with notoriety.
Despite these facts, Giannulli's success as a fashionista that started with $100,000 loan from father to a millionaire, is undeniably a praiseworthy journey though.
How Much Is Mossimo Giannulli's Net Worth In 2020?
With over years of stint in fashion industry & designing, Mossimo garnered massive success through his mid-range clothing line Mossimo- thanks to his massive stake at the company.
According to Celebrity Net Worth, Giannulli has a net worth of $80 million as of February 2020.
How Did Giannulli Make Money?
At the peak of his career, when the Mossimo clothing line traded at $50 per share at the stock market, Giannulli's equity stake made his worth $500 million.
However, a turmoil in company's share value saw him downstairs at $50 million in 1998.
Despite those weighty losses, still, in combination with his wife's Lori Loughlin's fortune that stands at $20 million, the couple together is worth $100 million.
Mossimo's Clothing Line Slumped, Why?
After 22 years of the clothing line Mossimo's foundation, the company's financial flow somersaulted in 1998 due to over-expansion: from streetwear/beachwear to high-end fashion, that left mid-range customers as well as high-end browned off.
Reportedly, in 1996, his clothing company went public with an initial public offering (IPO) & had annual revenue of $70 million & $12 million in profit; at that time his net worth (in the paper) was $275 million from 73% stake.
Moreover, Giannulli's venture saw his stock state at $500 million (at the peak), while his clothing share sold at $50 for each.
But in 1997, Mossimo lost nearly $19 million & eventually in 1998, Mossimo's share value dropped to only $4.75 that left his equity stake of only $50 million.
Had Founded 'Mossimo' With $100,000 Loan
Giannulli dropped out of the University of Southern California in 1987 to continue his business venture- clothing line Mossimo, founded in 1986.
Reportedly, the American entrepreneur & fashion designer took a $100,000 loan from his father to launch the clothing line & within a year, he made a profit of $1 million.
By 2nd year of Mossimo venture, he expanded woven sweaters & sweatshirts in the clothing line & made a $4 million profit. By 1991, the company's revenue reached $24 million.
Clothing Company Sold To Iconix Brand Group
Post-2 years of clothing line downhill, Mossimo Giannulli, on March 28, 2000, made a multi-year deal valued at $27.8 million with Target stores that would earn him $8.5 million per year.
Then in 2006, the Iconix Brand Group acquired the clothing line Mossimo for a reported $135 million in cash and debt absorption.
Mossimo Giannulli House: Quite Familiar On Real Estate Trades: Current Residence & Its Value
Currently, Mossimo Giannulli lives in Los Angeles, California with his wife Lori Loughlin & 3 children (2 with Lori & 1 from the previous relationship).
According to TMZ, Giannulli & Loughlin put their Bel-Air house, sitting on 12,000-square-feet and featuring 6 bedrooms, 9 baths, for sale in late January 2020, asking $28.65 million.
Reportedly, the couple bought the Bel-Air estate for $13.995 million in June 2015 & put it for sale in 2017 for $35 million, but took it off the market in July 2018.
Sold Multiple Properties Over The Years
The millionaire American fashion designer's prominence in real estate sales & making a profit is indeed familiar among the real estate's investors.
In May 2015, Mossimo & his wife Lori sold their 1920s Tuscan villa in Beverly Hills for $18.246 million- securing around $11 million over the original purchase price.
They had bought the property in the fall of 2010 for $7.5 million & renovated it extensively before the sales.
Moreover, Giannulli, in May 2011, sold his 1940s white brick Georgian-style mansion in Bel-Air for $16.6 million, after renovating it.
He bought the house in March 2002 for $8.01 million & kept in the market with an asking price of $19.5 million in 2010, & sold a year later.
List of Mossimo Giannulli's former houses:
- Aspen, Colorado house- Sold in July 2015 for $7.6 million (had put for sale in 2014 for $8.9 million but slashed the price later)
- Beach house in Laguna, California- Sold in January 2010 for $4.1 million after slashing $3 million of the asking price in October 2009 (purchased in September 1997 for $1.36 million)
- Mediterranean residence in Santa Monica- Sold the property to Laura Dern and Ben Harper in 2006 for $5.5 million (the now-former couple snagged off the house following their split, in November 2012 for $6.5 million)
What Cars Do 'Mossimo' Founder Drive?
Mossimo is often seen driving his Mercedes G Wagon- has a base price of $127,000. Furthermore, his car collection includes Porsche 911 Targa, Mercedes GL Class, and Porsche Panamera, with an estimated total of $300,000.
College Bribery Scandal In 2019
Mossimo Giannulli along with his wife Lori was charged & arrested on March 12, 2019, for alleged involvement in the nationwide college entrance exam cheating scandal- an investigation named Operation Varsity Blues.
Along with other 50 people including public figures, Mossimo & Lori were charged for commit mail fraud and honest services fraud.
The charges alleged that they paid $500,000 to the USC, disguising as a donation to the Key Worldwide Foundation, which would lead their daughters (Isabella & Olivia) on school's women's rowing team.
On March 13, 2019, Mossimo & Lori surrendered to federal authorities & got bail for $1 million for each.
Moreover, they faced charges for money laundering but plead not guilty to the charges. However, both are set to go for a trial in October 2020 for the bribery charges though.
Father Of 3 Children: Eloped Marriage With Lori Loughlin
Already, the father of a son named Gianni Giannulli from a previous relationship, Mossimo & the Full House actress Lori Loughlin eloped on Thanksgiving Day of 1997.
They met in 1995 when Lori was still married to then-husband Michael R. Burns, an investment banker (would later divorce him in 1996 after 7 years of marriage).
Together, the couple welcomed 2 children: Isabella Rose (born on September 16, 1998) and Olivia Jade (September 28, 1999).
Mossimo was born on June 4, 1963, in Los Angeles, California, the USA. His father Gene Giannulli was an architect while mother Nancy Giannulli was a homemaker.
Raised in Encino, the 5 ft. 8 inches attended the University of Southern California to study business and architecture but left after 3 years in 1987.