Mubasher: Bahrain-based Investcorp on Tuesday announced reaching an agreement with luxury Italian menswear specialist Corneliani to acquire a majority stake worth $100 million.
Commenting on the deal, Yasser Bajsair, Investcorp Saudi Arabia managing director stated that Corneliani was “an excellent fit” for Investcorp’s portfolio.
“The acquisition reflects our expertise investing in family run businesses which we believe have considerable potential for growth. We believe we have the right financial and sector-focused operational knowledge in place to support Corneliani on its growth journey, and we are looking forward to the opportunities that lie ahead,” the top executive added.
Corneliani, one of the oldest independent Italian luxury brands, recently expanded its business into the casual wear market, a step that marked significant growth for its international presence, with stores established across Europe, the US, Asia and more recently into emerging markets.
