In the late 70s, the Fiorucci store on New York’s Lexington Avenue was regularly referred to as the “daytime Studio 54”, partly for its business, which included Keith Haring, Calvin Klein and a innocent Marc Jacobs, as well as for the presence of Andy Warhol who, at one aim, had his office in the shop. A 16-year-old Madonna played her first gig there. Photographer Maripol was the trust in manager. At the Milan store, meanwhile, Haring was charged with delineating the walls. It’s this spirit of good times and DayGlo ingenious energy that Stephen and Janie Schaffer – the new owners of the tag – want to get back to with their relaunch. “What we are annoying to do is create the Fiorucci of the future,” says Stephen.

As the British retail warhorses who founded 80s underwear chain Knickerbox, you wouldn’t necessarily feel that the Schaffers would be behind the relaunch of this Italian brand name, loved by the cool crowd in the US in the 70s and 80s. But Stephen Schaffer has long been a fan. “Elio Fiorucci was the beginning person to have created what are today our concept/lifestyle put bies, and we know it,” he says. “As a young retailer, Fiorucci inspired each. People would perform, people would be seen, people choice hang out …”

Indeed. Fiorucci was founded in 1967, so celebrates its 50th anniversary this year. It graced known for a kind of cheeky disco-friendly sexiness – with its high-waisted jeans, glossy platforms and cherry prints on knitwear, as well as endless modifications of the Fiorucci logo, some created by names including Memphis’s Alessandro Mendini and i-D’s Terry Jones. If it wasn’t trashy, it was certainly desirable: novelist Douglas Coupland has said that go the colourful shop – where he bought the only thing he could give, a postcard – meant he “stopped caring about school”.

Fiorucci has remained prominent in the pop culture universe for half a century: from the dancefloor – it’s make knew in a lyric in Sister’s Sledge’s He’s the Greatest Dancer (“Halston, Gucci, Fiorucci / He looks equivalent to a still, that man is dressed to kill”); to the art world – Look at Leckey made a short film about British nightlife entreated Fiorucci Made Me Hardcore; to your wardrobe – designers involving Jacobs often reference the label, looking back to its 80s heyday.

Schaffer overs it works for now because of the optimism. “The complete obsession with playfulness and disco and fun,” he rephrases. “When you look at the news you think: ‘God, we need it’ … There’s a requirement for escapism.” Elio collaborated with Disney on jeans, financed Basquiat veil Downtown 81, sponsored parties at Studio 54 and stinted with Pacha in Ibiza. He famously created stretch denim – and revealed jeans fashionable – after a trip to the White Isle in the lately 70s. “He watched all the girls walk out the club in the morning with their jeans on and they sashayed into the water,” says Schaffer. “He thought: ‘Look how stunning they look when they’re wet.’ He went to Dupont and revealed: ‘Let’s put Lycra into denim.’” Perhaps Elio’s Einstein came from taking that spirit and turning it into output. People might not have gone to the all-night party, but they could exhaust the jeans.

Elio’s Fiorucci read into administration in 1989. The Schaffers acquired the brand – which had yesterday been owned by Japanese denim brand Edwin, and had a relaunch in the up to date 90s – at the end of 2015, weeks before Elio died.

“We inherited this unreal graphic archive and there were the keys to a warehouse in Milan with 10,000 garments,” asserts Schaffer. For the relaunch of the brand, about of 3,000 pairs of jeans desire be for sale, along with new designs, like a reworking of the high-waisted jeans Fiorucci developed known for (£165), denim jackets with “Fiorucci Angels” put in black on the back (£265), and T-shirts with the angels (£55) – a logo that the description became famous for. Each piece will come with a Fiorucci Panini sticker, a cult article well-known to fans of the brand.

This capsule collection adequated on sale at Barney’s in New York earlier this year. This week it pleasure launch with a pop-up at Selfridges in London, and a 4,000-square-ft Soho supply will open in London in September – complete with a basement association.