Bahraini investment firm Investcorp has reached an agreement to acquire a majority stake in luxury Italian menswear company Corneliani for approximately $100m.
Under the deal, members of the Corneliani family will remain shareholders alongside Investcorp with a 45 per cent interest.
The company, known for its suits and casualwear, was founded in 1958 and is one of Italy’s longest standing independent brands.
Recently it has focussed on its casual wear business and has more than 980 stores across Europe the US and Asia including presence in Harrods, Saks Fifth Avenue and Bloomingdale’s.
Corneliani’s revenues exceeded €110m last year ($124m).
“I am confident that Investcorp is the best partner Corneliani can hope for and I have no doubt that they will develop this business to become one of the leading players in its market, similar to the success stories they have cultivated in Gucci, Tiffany & Co and Dainese,”said Carlalberto Corneliani who stepped down as the firm’s chief executive yesterday.
Investcorp CEO Mohammed Al-Shroogi said the firm would help Corneliani expand internationally in existing and new markets noting the firm’s previous investments in brands including Gucci and Tiffany & Co
The investment firm’s recent activity has included the acquisition of cyber security firm SecureLink and residential property in the US.