Reed Krakoff buys back namesake label

Accessories designer Reed Krakoff has bought back his

namesake label from previous owner Coach Group.

In a deal together with US investers Mitchell Rales and Mark Ein, Krakoff is the largest shareholder in a 50 million dollar deal that also sees him as the creative head of the company.

"Our investor group is thrilled to use our capital and extensive growth company experience to help Reed continue to build the next great American luxury brand," said Ein, who will serve as the new company's chairman.

Reed Krakoff left as the creative director of Coach earlier this year, and is replaced by British designer Stuart Vevers, who previously held a creative post at Loewe.