Freesoul sold to investor

Denim brand Freesoul has been sold to a Luxembourg-based private investor for an undisclosed sum.

Investment fund Balham Holding has bought Freesoul's parent company Eldo Holding, with a view to expanding the denim brand's retail presence and ramping up its international growth strategy.

Eldo chief executive Paolo Dari is expected to remain at the helm.

Dari said: "Shareholders are delighted to see that Balham Holding provides all qualifications, resources and assets to grow the company into a global player. With the managerial and financial strength of Balham Holding, my team and I have found the ideal long-term partner for our international growth strategy."

Freesoul, which is based in Florence in Italy, was founded in 1994 and is sold in 26 countries via 45 distribution partners.

 Steven Peters, the UK agent for Freesoul, is to retire at the end of April. Peters was also the agent for Antik Denim and was best known for launching Miss Sixty in the UK in the 1990s.

He has worked in the fashion industry for more than 40 years, starting his career at Chloé in Paris working for Karl Lagerfeld.