Azzaro acquired by Reig Capital

French fashion house Lois Azzaro has been acquired by Reig Capital Group. The Spanish private equity group, a family-owned Andorran business based in London and Barcelona , purchased the company from Compagnie Financiere Frey, which bought it in 2002. Reig is active in the luxury goods sector with its ownership of Spanish jewellery brand Vasari, Andorran multibrand luxury store Coco Bis and now Azzaro. Terms of the deal were not revealed, although sources have estimated it at less than €20 million.

“It's an iconic brand with a distinct style and timeless quality – and it as a lot of potential,” Sagra Maceira de Rosen, managing director of Reig's luxury and retail division and investment director of Reig Luxury Partners, the company's private equity fund, told WWD. “Luxury ready-to-wear will remain the core of the brand, but we'll continue to develop footwear and, eventually, possibly go into accessories. We're taking it step by step and really want to get a feel for the business.” Designer Vanessa Seward will remain with the house. She took over from Azzaro himself upon his death in 2003 and has won acclaim for her glamorous designs. Her fans include Hollywood luminaries like Nicole Kidman and Penelope Cruz.

Reig plans to expand Azzaro's ready to wear assortment to include more than the current offering of expensive occasion wear. Maceira de Rosen said that including retail stores in cities like Los Angeles , London , Moscow and Hong Kong , the company is will “also be pushing the wholesale strategy. As we open stores and increase distribution, the collection will widen and grow.” Contrary to typical private equity investments, Reig intends to keep Azzaro for a very long time. “It's an iconic brand that we love, and the Reig family wants to keep it.” Whether the company will acquire any other luxury brands is unclear. Reig executives could not be reached for comment.

Azzaro was founded in 1962 and became known for figure-hugging jersey-style gowns featuring cutouts. It also became famous for its fragrances, which are produced by former owner Clarins.