Investcorp takes majority stake in Corneliani

London - Investcorp has acquired a majority stake in luxury menswear brand Corneliani. The Bahrain-based investment fund has come to an agreement with the family-owned Italian brand which is valued at approximately 100 million US dollars.

As part of the agreement, certain members of the Corneliani family will remain in the board as shareholders alongside of Investcorp. "After over six decades building Corneliani, I believe the time is right for me to pass the company to a trusted custodian who can build on the vision and journey that I embarked upon with my brother in 1958," commented co-founder Carlalberto Corneliani in a statement.

"I am confident that Investcorp is the best partner Corneliani could hope for and I have no doubt that they will develop this business to become one of the leading players in its market, similar to the success stories they have cultivated in Gucci, Tiffany & Co and Dainese."

The luxury menswear brand is said to be one of the oldest, independent Italian luxury brands. Over the past years the brand has grown to include casual wear and boosted its international presence, counting stores across Europe, the US and Asia. "We are honoured that the Corneliani family selected us to engage in a bilateral discussion and ultimately entrusted us to take their business forward," commented Hazem Ben-Gacem, Head of Investcorp Corporate Investment business in Europe.

"With our extensive experience developing family-run businesses in the luxury fashion industry, we believe that we are well positioned to build greater brand awareness and add further value to the firm as it looks to expand internationally in both existing and new markets. We very much look forward to working alongside the Corneliani family, whose ambitions and values we share, and working with the management team."

Corneliani is currently present in 68 countries across the globe through 10 directly operated stores, 850 multi-brand stores in addition to 75 franchise stores and 50 shop in shops, including Harrods, Harvey Nichols and Saks Fifth Avenue. In 2015, the menswear label reported revenues in excess of 110 million euros.

Photos: Corneliani, Facebook