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Freesoul sold to Luxembourg investor

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

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

Paolo Dari, the current chief executive of Eldo is expected to stay at the helm.

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

Separately, 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.

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