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The brand's sales fell in the decades following World War II, but it was revived in 1993 following a management buy-out financed by Tod's owner Diego Della Valle, Luca di Montezemolo of Ferrari, and Paolo Borgomanero, a major shareholder of lingerie retailer La Perla.
In 1982 Virago became a wholly owned subsidiary of the Chatto, Virago, Bodley Head, and Cape Group, but in 1987 Callil, Lennie Goodings, Ursula Owen, Alexandra Pringle, and Harriet Spicer put together a management buy-out from CVBC, then owned by Random House, USA.