What Is Mossimo Giannulli Net Worth In 2020?
Mossimo Giannulli Net Worth
|Celebrated Name:||Mossimo Giannulli|
|Real Name/Full Name:||Mossimo Giannulli|
|Age:||57 years old|
|Birth Date:||4 June 1963|
|Birth Place:||California, United States|
|Wife/Spouse (Name):||Lori Loughlin (m. 1997)|
|Children:||Yes (Olivia Jade Giannulli, Isabella Rose Giannulli, Gianni Giannulli)|
|Net Worth in 2020:||$90 million|
|Last Updated:||September 2020|
Mossimo Giannulli Net Worth In 2020
Mossimo Giannulli is an American fashion designer who has a net worth of $70 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.
As the fashion designer behind the uber-successful kids / teen brand named after himself, Giannulli was reported to have a net worth of $80 million in 2019. He sold his interest in the Mossimo line to Iconix Brand Group in 2000, and the brand was most notably carried in Target. The Mossimo line of clothing is no longer sold there.
After Loughlin and Giannulli were arrested in 2019, they did each have to pay a $1 million bail. It’s unclear yet how much the scandal has affected Giannulli’s net worth.
One of Loughlin and Giannulli’s biggest assets is their Bel Air mansion, which they put on the market in January of 2020 for $28,650,000. An inside source told TMZ that the couple’s interest in selling the home was not related to the admissions scandal. They originally purchased the mansion in 2015 for $13.9, and they first tried to sell it in 2017.
Now, it looks like the couple might be trading in their luxury digs for a short stint behind bars.
Mossimo Giannulli Early Life
Mossimo Giannulli was born to an Italian family in Los Angeles on June 4, 1963. His birth name was actually spelled “Massimo”. He changed the spelling and pronunciation to “Mossimo” in first grade after a teacher suggested it would be easier pronounced. He was raised in Encino, California.
After high school Mossimo attended the University of Southern California for three years before dropping out in 1987. He dropped out to focus full-time on the clothing line he had founded, “Mossimo”, a year earlier on Balboa Island in Newport Beach, California. He founded the surf/lifestyle clothing brand with $100,000 borrowed from his father. During the first year of operation, Mossimo the brand generated $1 million in revenue. The following year it earned $4 million.
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 Giannulli Success
By 1996, the company was earning $76 million per year and generating $12 million in profits. This same year the company went public. After its first day of trading upon the IPO, Mossimo Giannulli’s net worth (pretax, on paper) was $275 million. He owned 73% of the company.
At its peak as a public company, Mossimo Giannulli’s paper net worth was $500 million as his company’s stock hit an all-time high of $50 per share.
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.
The expansion proved to be costly and perhaps rash. In subsequent years the company lost tens of millions of dollars. 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.
Mossimo Giannulli Personal Life
Mossimo Gianulli married “Full House” actress Lori Loughlin in 1997. They met in 1995 when she was still married to entertainment executive Michael R. Burns. Her divorce from Burns was official in 1996. Together they have two daughters, Isabella Rose and social media star Olivia Jade.
Mossimo Giannulli Career
Іnіtіаllу, Моѕѕіmо ѕtаrtеd hіѕ fаѕhіоn ѕtоrе іn hіѕ раrеnt’ѕ bаѕеmеnt. Lаtеr hе mаdе rеvеnuе оf оvеr $1 mіllіоn іn іtѕ fіrѕt уеаr. Іn 1995, Моѕѕіmо Gіаnnullі ехраndеd hіѕ lіnе, bу іntrоduсіng knіtѕ, ѕwеаtеrѕ, аnd ѕwеаtеrѕ, whісh wеrе fоllоwеd bу thе іntrоduсtіоn оf tаіlоrеd ѕuіtѕ fоr bоth mеn аnd wоmеn.
Моѕѕіmо іѕ hеаdquаrtеrеd іn Іrvіnе іn thе UЅА, аnd уоu саn ѕее Моѕѕіmо thеrе, аѕ hе іѕ knоwn fоr vіѕіtіng thе ѕtоrе frоm tіmе tо tіmе.
Lооkіng аt thе dесlіnе іn рrоfіtѕ аnd grоwth оf thе brаnd іn 2006, Ісоnіх Вrаnd Grоuр асquіrеd Моѕѕіmо (сlоthіng lіnе); hоwеvеr, thеу ѕtіll drаftеd tо kеер Моѕѕіmо Gіаnnullі аѕ thе dеѕіgnеr fоr thе brаnd.
Моѕѕіmо Gіаnnullі fоundеd Моѕѕіmо іn Саlіfоrnіа, thе UЅ, іn 1986. Тhе brаnd ѕресіаlіzеѕ іn уоung сhіldrеn аnd tееnаgе сlоthеѕ. Моѕѕіmо іѕ сurrеntlу оwnеd аnd mаnаgеd bу Ісоnіх Вrаnd Grоuр.
Моѕѕіmо іѕ knоwn fоr ѕеllіng рrоduсtѕ lіkе јеаnѕ, јасkеtѕ, bооtlеg ѕhіrtѕ, ѕосkѕ, ассеѕѕоrіеѕ, аnd undеrwеаr.
Не hаѕ оvеr 1700 сlоthіng ѕtоrеѕ ѕрrеаd асrоѕѕ thе Unіtеd Ѕtаtеѕ оf Аmеrіса, wіth іntеrnаtіоnаl lісеnѕеѕ іn соuntrіеѕ lіkе Аuѕtrаlіа, Ѕоuth Аmеrіса, Јараn, Мехісо, Іndіа, аnd thе Рhіlірріnеѕ, еtс. tоtаlіng mоrе thаn 600 ѕtоrеѕ.
Mossimo Giannulli currently resides at Bel Air’s house which features 12,000 square feet, 6 bedrooms and 9 bathrooms. It also features double-gated driveway and garaging for five cars.
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.
Ahead of what was certainly going to be an excruciating and expensive trial that could have resulted in 10+ year prison sentences, Lori and Mossimo ultimately pleaded guilty to one count of conspiracy to commit wire and mail fraud. The terms of their plea called for Lori to serve two months in prison and pay a $150,000 fine and complete 100 hours of community service. Mossimo agreed to serve five months in prison, pay a $250,000 fine and complete 250 hours of community service. They will both serve two years of supervised release.
Mossimo Giannulli and Lori Loughlin
Giannulli and Full House star Lori Loughlin have been married for more than two decades. They were married right after Thanksgiving, on November 27, 1997. The couple decided to elope instead of having a traditional wedding. Before meeting and marrying Giannulli, Loughlin married Michael R. Burns in 1989, two years after the premiere of Full House. The couple divorced in 1996, after the television series ended.
How Mossimo Giannulli made money
Giannulli built most of his wealth from his clothing company, Mossimo. The brand went public on the New York Stock Exchange in 1996, and the company’s value rose to $275 million. At the time, Giannulli was the youngest chairman of a company listed on the New York Stock Exchange (he was 32 years old), reports the Los Angeles Times. This was a very good time for Mossimo, as the company’s earnings grew quickly. Mossimo reported $15.1 million in net income for the nine-month period ended Sept. 30, 1996, according to the publication. This was up from $7.4 million in 1995.
In 2006, Giannulli sold Mossimo to Iconix Brand Group. The company also owns London Fog, Candies, Ed Hardy, Joe Boxer, and other fashion brands, according to The Hollywood Reporter. Mossimo is sold in Australia, Europe, the United States, Mexico, Japan, New Zealand, the Philippines, and South America. In 2018, the clothing brand collaborated with managers of the The Simpsons brand to feature the show’s characters on athletic clothing. A few years later, in 2000, Giannulli collaborated with Target on a licensing deal. Mossimo partnered with the department store for 17 years.
What property does Lori Loughlin and Mossimo Giannulli own?
Loughlin and Giannulli are serial renovators and real estate flippers! The couple put their Bel Air estate on the market in 2020 for US$28.6 million ($43 million). They initially bought the home for US$13.9 million ($20.9 million) in 2017.
An inside source told TMZ that the couple’s decision to sell the home was not related to the admissions scandal.
Loughlin and Giannulli have lived in multi-million dollar properties in some of Los Angeles’ elite suburbs. It’s believed that some of the money they’ve accumulated over the years has been through real estate.
Lori and Mossimo’s Real Estate
From 2015 to 2020 Lori and Mossimo’s primary residence was a large walled and gated mansion in Bel Air, California on the grounds of the Bel Air Country Club. The couple purchased the house for $14 million in 2015 and proceeded to spend millions on upgrades and renovations. At one point they listed the mansion for sale for an eye-popping $35 million, but they didn’t get any takers. They lowered the asking price to $28.7 million but eventually had to settle for $18 million. The buy was Tinder co-founder Justin Mateen.
The sold the home just a few weeks after being forced to resign from the Bel-Air Country Club after several prominent club members complained about allowing convicted felons to remain as members.
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 was sold in 2018 (by a different owner) for $40 million. The couple also previously owned a home in Aspen, Colorado, which they sold in July 2015 for $7.6 million.
They previously owned a home in Laguna Beach’s exclusive gated community Emerald Bay. Emerald Bay is considered the Malibu of Orange County. They acquired the property in 1997 for $1.36 million. They first tried to sell the property in 2008 for $12.99 million. A year later, after the real estate market collapsed, they tried to sell for $8.5 million. A year later accepted $4.1 million.