The Italian fashion group founded by Alberta Ferretti will pay €67 million ($77 million) to acquire the 30 percent of Moschino it doesn’t already own.

Moschino’s sales having been resilient during the pandemic, with 2020 revenues of €215.4 million down slightly compared to a 5-year average revenue of €229 million, Aeffe said.

Aeffe is acquiring the shares from Sinv, a supplier specialised in producing diffusion lines for designer and luxury brands.

With M&A heating up in the Italian luxury space, the deal included an “anti-embarrassment” clause requiring Aeffe to compensate Sinv should it resell the shares at a higher value within the next 24 months.

Learn more:

What’s Next for Italy’s Dealmaking Surge

The current wave of mergers and listings is expected to grow as Italy’s last remaining luxury independents face pressure to bounce back from the pandemic while juggling succession planning and digital transformation.