Escada, the German womenswear brand, has sold its Primera division to German private equity firm Endurance Capital.
Primera comprises brands Laurèl, Apriori and Cavita. Luxury German womenswear house Escada previously signed a contract to sell the three brands to investment fund Mutares AG in May but withdrew from it on Friday, citing problems with the closing of the deal.
Escada, which filed for insolvency in August, is expected to announce a buyer for the rest of the group this month. Sven Ley, the son of the founders of Escada, confirmed this week that he had bid for Escada.
Endurance Capital has backed other fashion groups including young fashion brand More & More.
It will invest in Primera, driving product and distribution to grow all three brands in 2010, with an initial focus on Europe. Eberhard Schöbitz, director of Endurance Capital, said: “The Primera management have done an excellent job and created the base for successful market positioning.”
Dirk Reichert was appointed as general manager of Primera Group with effect from November 1.
Reichert and Thomas Kleinhenz, who has been chief executive of Primera Group since June 2009, said: “After a severe restructuring phase this year, now, we can frame the future of Primera.”
Primera Group has an annual turnover of €100m (£89.6m). In June, Primera’s BiBA brand was separated and sold to mainstream womenswear brand Gelco.