MILAN — In a sign that the days of gorpcore are not over yet, fashion business accelerator Underscore District, the owner of buzzy Italian brand Magliano, has acquired a majority stake in GR10K, a utility- and workwear label based in Italy that was founded in 2019 by Anna Grassi.
The brand – which offers unfussy pieces with a performance component, including mid layers and shells, as well as sweaters and workwear pants – is available at a network of 70 stores across Europe, Asia and the U.S. In 2021 it kicked off a collaboration with Salomon, as the latter has been building a successful lifestyle-leaning business catering to the same performance trend.
Financial terms of the deal were not disclosed.
The investment is aimed at further scaling the brand’s potential, the companies said in a joint statement, from venturing into new product categories to building awareness and its international footprint.
“We have known GR10K for a long time and we’ve always looked with regard and respect to the work done on products and branding, which is very much in tune with how our ideal partner should be,” said Edoardo Di Luzio, chief executive officer of Underscore District.
Praising the brand as one to watch in the Italian fashion landscape, Di Luzio said that GR10K has been able to attract an international and loyal customer base thanks to a recognizable image and product and continued innovation.
This marks Underscore District’s fourth investment. The firm manages Piumestudio, a women’s footwear and accessories brand based in Italy’s Veneto region, and WOK Store, a street- and avant garde-leaning fashion concept store in Milan. Formerly known as Impossible Brands, the brand accelerator changed its name in late 2022 just before forging a partnership with Magliano.
GR10K’s founder Grassi described Underscore District as an ideal partner due to its dynamic, nimble and innovative approach to investments. “We have had long discussions about the future of the brand and determined a shared strategic plan,” she said.
