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Fiorelli bought by Synova Capital

The Lunan Group (TLG), the owner of the Fiorelli and Modalu handbag brands, has been sold to Synova Capital for an undisclosed sum.

Synova said it planned to expand Fiorelli and Modalu internationally while maintaining growth in the UK. International orders at both the Fiorelli and Modalu brand are up 400% year on year.

TLG co-founder Stuart Lunan will remain as chief executive. Leo Gestetner, founder of Brands etc which owns the Myla, Zoggs and PureLime brands, will join the company as executive chairman. In addition, Marlies Spiekman will join as chief financial officer. Spiekman has worked at several luxury brands including as finance director of LVMH's UK leather business.

TLG acquired the Fiorelli brand in 1995. The company said Fiorelli has around 13% share of the branded handbag market in the UK. It has approximately 500 independent and department store stockists in the UK.

TLG founded Modalu as a premium leather handbag brand in 2004.

TLG chief executive Stuart Lunan said: "International orders for Fiorelli and Modalu are on target to achieve 400% year on year growth. Synova Capital's decision to invest in the business together with the appointments of Leo and Marlies gives the group the management expertise and the financial resources to realise our international growth strategy while maintaining our strong performance to date in the UK."

Synova Capital managing partner Philip Shapiro said: "We are excited to be making the first investment of our new fund into a business which is the leader in its market, has a first rate management team and extremely exciting growth prospects. We are confident that the combination of our growth capital injection and Stuart Lunan's strategy will deliver continued success for Fiorelli and Modalu both in the UK and internationally."

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