Richemont announced that it had sold Shanghai Tang to a group of investors headed by Italian entrepreneur Alessandro Bastagli. Bastagli bought the business believing there was potential in Shanghai Tang to grow and attract a younger generation of customers who wanted a Chinese brand. The new owner enlisted his son to assist with product development and marketing. Le Masne de Chermont exited the company that year. On 4 July 2017, Shanghai Tang creative director Raffaele Borriello died from surgery complications. Founder David Tang died the next month on August 29, 2017. Designer Massimiliano Giornetti was appointed creative director in December 2017. In December 2018, after disagreements between Bastagli and Hong Kong-based investment partner Cassia Investments, the controlling stake in Shanghai Tang was sold to Chinese group Lunar Capital. Giornetti left Shanghai Tang that month, and Tang's eldest daughter, Victoria Tang, was appointed as creative director. In 2019, Shanghai Tang celebrated its silver jubilee by collaborating with Chinese artist Xu Bing on calligraphic artwork inspired by Shanghai Tang's vision. 2020 was marked by change for Shanghai Tang: according to Women's Wear Daily, CEO Maurizio de Gasperis left the company in April of that year, with Shirley Tai taking his place. Victoria Tang also announced in November that she would be leaving her creative director role. See also Shopping in Hong Kong References Further reading Wu, Zhiyan., Borgerson, Janet and Schroeder, Jonathan (2013), From Chinese Brand Culture to Global Brands: Insights from Aesthetics, Fashion and History, Basingstoke: Palgrave Macmillan. . External links 1994 establishments in Hong Kong Clothing brands of Hong Kong Clothing retailers of Hong Kong Clothing companies established in 1994 High fashion brands Hong Kong brands Privately held companies of China Richemont brands