Womenswear brand Olsen has been bought by German private equity firm Nord Holding.
Olsen, which was founded in Germany in 1995, was previously owned by Switzerland-based Veldhoven Group.
Michael Simon, managing director at Olsen, has been promoted to chief executive as a result of the move.
Olsen employs 480 people in Germany, Canada, Poland, the UK, Russia and France. In 2016, its turnover increased by 6% year on year to €70m (£59m).
“The focus on the ‘modern classic segment’ of the womenswear market has seen Olsen targeting an attractive and generally speaking loyal customer group with above-average income,” said Matthias Kues, managing director at Nord Holding.
“This positioning means above-average growth potential in comparison to other segments of the fashion industry.”
In 2015, Nord Holding bought men’s trouser specialist Hiltl.