Ottavio Missoni, founder of the Italian fashion house, died peacefully Thursday in his northern Italy home. Missoni founded the label in 1953 with his wife, Rosita Jelmini, and also competed in hurdles in the 1948 Summer Olympics. The couple showed their first collection in 1966 in Milan, and has since been considered a family fashion dynasty, run by the Missonis' three children and their grandchildren.

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