Chinese textiles company Shandong Ruyi has bought SMCP, the French group which owns premium brands Sandro, Maje and Claudie Pierlot.
The firm has acquired SMCP from KKR, which bought it three years ago, in a deal which values it at €1.3bn (£1.02bn) including debt, according to the Financial Times.
Earlier this month, SMCP submitted the regulatory documents for a possible float on the French stock exchange.
The company’s net sales grew 33% to €675m (£522m) in 2015 compared with the previous year, while EBITDA grew by 44% to €107m (£82.8m).
SMCP has 1,118 points of sale in 33 countries, of which 906 are directly operated and 212 are operated through partnerships.
Shandong Ruyi bought a minority stake in TM Lewin and an 80% stake in Huddersfield-based worsted fabric specialist Taylor & Lodge, both in 2014 and part-owned Harris Tweed manufacturer Carloway Mill since 2013.