Swiss asset manager buys Italian leather firm Bruno Magli
MILAN Jan 9 (Reuters) - Switzerland's Da Vinci Invest has bought Italian luxury leather brand Bruno Magli from London-based hedge fund Fortelus, the companies said on Thursday.
Bruno Magli's new chief executive Manfred Ebensberger said the new ownership would help the shoe, bag and clothing maker accelerate plans to expand its product range and develop its wholesale network worldwide.
The companies did not disclose the value of the sale.
Bruno Magli becomes the latest in a string of Italian luxury firms to be snapped up by foreign buyers, after French conglomerate LVMH bought family-owned cashmere brand Loro Piana last July, and Qatar's royal family bought iconic fashion house Valentino in 2012.
Bruno Magli, which says it dates back to the early 1900s when two brothers and their sister set up a workshop in their basement with share capital of 35 old Italian lira, will remain headquarted in Italy, the companies said.
The Italian leather group had said in October that Fortelus was in exclusive talks to sell it to a consortium of Asian investors. (Reporting by Isla Binnie; Editing by Susan Fenton)