Global investment firm Investcorp has taken a majority stake in family-run Italian luxury brand Corneliani, in a deal that valued the business at $100m (£68m).
The Italian brand, best known for its men’s suits and casualwear, and has been run by the Corneliani family since it was founded in 1958.
Brothers Carlalberto and Claudio Corneliani expanded the business from its Italian roots to gain a foothold in global markets including the US, Asia and recently into emerging countries such as Brazil.
It currently employs 1,100 staff and has a sales presence in 68 countries through 10 directly operated stores, around 850 multi-brand stores and 50 concessions in department stores– including Harrods, Harvey Nichols and Bloomingdales.
Carlalberto Corneliani said that, after six decades of building the business, he felt “the time was right” to pass the company to a “trusted custodian”.
“I am confident that Investcorp is the best partner Corneliani could hope for and I have no doubt that they will develop this business to become one of the leading players in its market, similar to the success stories they have cultivated in Gucci, Tiffany & Co and Dainese,” he added.