Labelux Group chief executive Berndt Hauptkorn said: "Bally is a brand with wonderful heritage and now well positioned for its next phase of growth. Marco [Franchini, Bally chief executive] has spent the last few years restructuring the business and assembling an excellent team; jointly we will now focus on furthering the brand’s recognition worldwide."
The value of the deal was undisclosed.
TPG Capital purchased Bally nine years ago when it was loss making. Since then Bally chief executive Marco Franchini has led a major restructuring of the business, which has returned the brand to profitability.
Franchini said: "Over the last few years Bally achieved a spectacular turnaround and has enjoyed a marked improvement in performance and an expansion of its customer base. The management team will remain with the company and continue to focus on further strategic consolidation and growth."
Bally has over 750 points of sale worldwide, and trades in 66 countries. It sells footwear, bags, accessories and ready-to-wear clothing.