How Vanguards – the family business behind sustainable luxury standard-bearers Nanushka, Sunnei and Aeron – built a radical new breed of fashion conglomerate. “From an investment point of view, fashion is not a normal business,” says Peter Baldaszti, the co-founder and CEO of Budapest-born luxury fashion brand Nanushka – and he should know. It’s not an overstatement to say that there has never been a fashion story quite like Nanushka.