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Mossimo Giannulli

From Wikipedia, the free encyclopedia

Mossimo Giannulli
Born
Massimo Giannulli

1963 (age 55–56)
OccupationFashion Designer
Known for
Criminal chargeConspiracy to commit mail fraud and wire fraud
Criminal statusReleased on $1,000,000.00 bail; pleading not guilty
Spouse(s)Lori Loughlin
Children3; including Olivia Jade

Mossimo Giannulli is an American fashion designer who founded Mossimo, a mid-range American clothing company, in 1986. Giannulli and his wife, actress Lori Loughlin, were charged and arrested in March 2019 in connection with the college admissions bribery scandal.

Early life

Giannulli was born Massimo Giannulli in 1963 to Gene, an architect, and Nancy Giannulli, a homemaker. He is of Italian descent, and was raised in Encino, California.[1] In the first grade, he changed his first name to Mossimo at the suggestion of a teacher who insisted it was easier to pronounce.[1]

After graduating from high school, he studied business and architecture at the University of Southern California for three years before dropping out in 1987.[1]

Mossimo

Giannulli created Mossimo, a mid-range American clothing company in 1986 on Balboa Island in Newport Beach, California. Mossimo specializes in youth and teenage clothing such as shirts, jeans, jackets, socks, underwear, and accessories.

During his first year in business he grossed $1 million.[2] The following year he made $4 million.[3] In 1991, Mossimo expanded the line to include sweatshirts, knits, and sweaters.[citation needed] By 1995, the collection included women’s clothing and men’s tailored suits.[citation needed] After eight years in business, Mossimo, Inc. had grown into a multimillion-dollar lifestyle sportswear and accessories company.[citation needed]

In 1996, Mossimo went public with an initial public offering.[3]

After shares tumbled from $50 to $4 when the founder tried and failed to make the transition from streetwear/beachwear to high fashion,[3] he took the brand downscale, announcing on March 28, 2000, Mossimo, Inc. a major, multi-product licensing agreement with Target stores, for $27.8 million.[4][3]

In 2006, Mossimo was acquired by Iconix Brand Group.[3]

Controversy

On March 12, 2019, Giannulli and his wife Lori Loughlin were arrested in connection with their alleged involvement in a nationwide college entrance exam cheating scandal, regarding their two daughters' (including Olivia Jade) admission to USC. They were charged with conspiracy to commit mail fraud and honest services fraud. They were released on $1 million bail each.[5][6] They were among 50 people charged. Those charges have a maximum term of 20 years in prison, supervised release of three years, and a $250,000 fine.[7] On April 9, they were also charged with conspiracy to commit money laundering, which has a maximum sentence of 20 years in prison, supervised release of three years, and a $500,000 fine.[7]

The indictment against the couple alleged that they had paid $500,000, disguised as a donation to the Key Worldwide Foundation, in order that the University of Southern California's (USC's) admissions committee would be led to believe that their two daughters would be joining the school's women's rowing team if admitted, when in fact neither young woman had ever trained in the sport and had no plans to do so.[8]

On March 13, 2019, Giannulli surrendered to federal authorities in Los Angeles.[9] In subsequent appearances at United States District Court in Los Angeles, Loughlin and Giannulli were each released on a bail bond of $1 million.[10] Giannulli and Loughlin were then charged with the crime of money laundering and have pled not guilty to all charges.[11]

References

  1. ^ a b c "Back in the Swim". People.com. Retrieved 21 April 2019.
  2. ^ "Mossimo Giannulli - Fashion Designer | Designers | The FMD". Fashion Model Directory. Retrieved 20 June 2017.
  3. ^ a b c d e "How Mossimo Went from Being Head-to-Head with Stussy to Target's In-House Brand". The Hundreds. Retrieved 5 May 2016.
  4. ^ Earnest, Leslie (29 March 2000). With Losses Mounting, Mossimo Turns to Target, Los Angeles Times.
  5. ^ Winter, Tom; Williams, Pete; Ainsley, Julia; Shichapiro, Rich (12 March 2019). "TV actresses among 40 people charged in college exam cheating plot". NBC News. Retrieved 12 March 2019.
  6. ^ Medina, Jennifer; Benner, Katie (12 March 2019). "Dozens Charged in College Admissions Bribery Scandal". New York Times. Retrieved 12 March 2019.
  7. ^ a b "Lori Loughlin indicted on money-laundering charge in college admissions scandal". 9 April 2019. Retrieved 9 April 2019.
  8. ^ "Lori Loughlin indicted by federal grand jury, charged with money laundering". USA Today. Retrieved 21 April 2019.
  9. ^ "Lori Loughlin has surrendered to federal authorities in Los Angeles". CNN. 13 March 2019. Retrieved 21 April 2019.
  10. ^ Thorne, Will (13 March 2019). "Lori Loughlin's Bail Set for $1 Million; Judge Sets Travel Conditions". Variety. Retrieved 21 April 2019.
  11. ^ "Lori Loughlin, husband Mossimo Giannulli plead not guilty in college admissions scam". USA Today. Retrieved 21 April 2019.

External links

This page was last edited on 6 December 2019, at 03:25
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