MILAN (Reuters) - Made in Italy Fund bought Italian high-end casual brand Dondup from L Catterton, a buyout firm founded by LVMH owner and French billionaire Bernard Arnault, the Italian private equity said on Thursday.
Dondup, which posted 53 million euros ($62.56 million) in sales and a 14-million euro core profit last year, is the seventh investment by the Italian fund and its fourth in the fashion industry.
The value of the acquisition was not disclosed. L Catterton had invested in Dondup in 2010.
The fund said it aims at creating a fashion conglomerate with Dondup and two other fashion brands it owns- 120%Lino, known for its linen clothes, and jewellery and accessories maker Rosantica - and expanding their foothold in Europe and the United States.
($1 = 0.8472 euros)
(This story refiles to clarify how L Catterton was created)
Reporting by Claudia Cristoferi, editing by Giulia Segreti
Our Standards: The Thomson Reuters Trust Principles.