Asian consortium in exclusive talks to buy Italy's Bruno Magli
MILAN (Reuters) - Italian luxury leather goods brand Bruno Magli said on Tuesday its hedge fund owner Fortelus has begun exclusive talks to sell the entire company to a consortium of Asian investors.
Bruno Magli said London-based Fortelus is expected to close the deal with a group of investors including South Korean retailer E-Land and Hong Kong-based private equity firm CDIB Capital in November.
The luxury shoe and handbag brand dates back to the early 1900s when two brothers and their sister set up a workshop in their basement with a share capital of 35 old Italian lira, according to the company.
E-Land has been acquiring outlets, leisure holdings and fashion brands since 2009, and already owns upmarket Italian bag and wallet maker Mandarina Duck.
CDIB Capital is owned by Taiwan-based investment and merchant banking group China Development Financial (2883.TW).
(Reporting by Isla Binnie. Editing by Jane Merriman)