Fashion label Mossimo Inc's founder Mossimo Giannulli has announced his intention to acquire the outstanding shares of the company and take it private.

Giannulli, also chairman and chief executive of the company, is offering to buy up the company for $4.00 per share in cash.

This represents a 20 per cent premium to the closing price of the company's common stock on 11 April 2005.

Giannulli plans to delist Mossimo's stock from the Nasdaq Stock Market if the buyout is completed.

Mossimo's board of directors ies expected to form a special committee of independent directors to consider the proposal with the assistance of outside financial and legal advisors.

Giannulli has stated that he will not consider any other transaction involving his interest in the Company.

1987-establsihed Mossimo Inc is a designer, licensor and distributor of apparel, footwear, and other fashion accessories such as jewellery, watches, handbags, and belts.

The company saw earnings plummet 41 per cent to $2.7 million in  2004, while revenue grew 3 per cent to $20.5m.