PARIS, March 18 (Reuters) - Eurazeo said it agreed to invest 285 million euros ($397 million) in Spanish fashion label Desigual to take a 10 percent stake in the company through a capital increase to help it fund its expansion.
The Barcelona-based brand said in January it was accelerating its expansion in Europe and emerging markets and hoped to achieve 1 billion euros in sales this year, up from 828 million last year.
Desigual has gained a reputation for bright garments and bold marketing, offering free clothes to shoppers who arrive in their underwear to special sale parties.
Desigual was founded in Ibiza in 1984 by Swiss designer Thomas Meyer, previously the company’s sole shareholder. ($1 = 0.7188 Euros) (Reporting by James Regan; Editing by Andrew Callus)