Italian luxury leather goods company Bruno Magli is expected to be sold to South Korea’s E-Land and Hong Kong’s CDIB Capital by its current hedge fund owner Fortelus Capital. The deal is expected to close in November according to Reuters.
The luxury shoe and handbag brand, which dates back to the early 1900s, has 11 monobrand stores as well as shops-in-shops in major department stores globally. The brand also sell its luxury products online through its e-commerce site and other e-tailers.
“Bruno Magli is not only in need of investments but also a partner that will work closely with the company. A group such as E-land with significant retail expertise could be the ideal partner to help revitalize the brand,” said a source close to the company, Inside Retail Asia reports.
E-Land has been on an acquisition streak, purchasing shopping outlets, restaurants, theme parks, hotels, and fashion brands. The company owns Italian bag and wallet maker Mandarina Duck.
CDIB Capital is the international private equity investment arm of China Development Financial with approximately US$20 billion in assets.
image credit: bruno magli