French fashion label Sonia Rykiel has finalised a deal with Hong Kong based investment company Fung Brands, leaving the Rykiel family with just a 20% stake.
No financial terms of the deal have been disclosed but artistic director and current president Nathalie Rykiel has been named as vice chairman of the board. It had previously been reported that the brand had drafted in bankers Edmond de Rothschild to help find a partner to develop the fashion house.
In a statement the companies said: “This partnership joins the forces of Sonia Rykiel and its exceptional bonds to clients with Fung Brands’ know-how, its knowledge of the sector and access to international markets. Benefiting from the strong and distinctive identity of the brands, the partners wish to develop the company internationally as a true global brand of international luxury.”
Fung Brands, which was founded last year, has acquired majority stakes in other businesses in the fashion industry including French shoe brand Robert Clergerie.
Sonia Rykiel is distributed across 30 countries and in 2010 had sales of 90m (£75m).