Lapo Elkann Resigns as Chairman of Garage Italia Customs
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MILAN — Lapo Elkann quietly married Joana Lemos earlier this month in a secret ceremony in Portugal, but on Monday, he was vocal about resigning his position of chairman of Garage Italia Customs Srl, which specializes in vehicle customization.
On his personal Twitter account, Elkann said he was leaving the company he founded in 2017 over disagreements with the new owners of Garage Italia, Youngtimers Asset Company AG, effectively immediately.
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However, Elkann is not severing ties entirely, as he is one of the biggest shareholders of Youngtimers AG, a Switzerland-based holding company that operates in the collectible car market and is listed on the Swiss Stock Exchange. Youngtimers AG controls Youngtimers Asset Company.
He will also continue to own the building that houses Garage Italia in Milan. In 2015, Elkann bought the historic former Agip gas station commissioned in 1952 by Enrico Mattei, who established the National Fuel Trust Ente Nazionale Idrocarburi. The gas station, designed by Mario Bacciocchi in the Streamline Moderne style, is a landmark in the city but had been abandoned for years, and was revamped by architect Michele De Lucchi. The venue is now rented by the new owners. Elkann continues to own event planner FB Garage Srl.
In addition to owning Garage Italia Customs, Youngtimers AG owns and operates the New York-based Youngtimers Classics, a collectible car trading and securitization platform.
Elkann, grandson of the legendary Fiat tycoon Gianni Agnelli, is also the founder of eyewear company Italia Independent, whose portfolio includes brands such as Hublot and CR7 — Cristiano Ronaldo, as well as its own namesake brand and Laps Collection.
The eyewear company is controlled by Italia Independent Group, which since 2013 is listed on the AIM Alternative Investment Market of Capital segment, the Italian Stock Exchange’s program dedicated to small and medium-size companies.
In 2017, Elkann signed a memorandum of understanding with French multinational advertising and public relations company Publicis Groupe SA for the sale of a majority stake in creative consultancy Independent Ideas Srl to Publicis Communication.
The transaction brought an Italian dimension to the French advertising giant’s units Publicis 133 and Marcel WW, and broadened the Italian company’s services in the digital and technological spheres.
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