MILAN Jan 9 Switzerland's Da Vinci Invest has
bought Italian luxury leather brand Bruno Magli from
London-based hedge fund Fortelus, the companies said on
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
(Reporting by Isla Binnie; Editing by Susan Fenton)