Investcorp, a global provider and manager of alternative investment products, announced Tuesday that it has reached an agreement with the Corneliani family to acquire a majority stake in the luxury Italian menswear specialist Corneliani for approximately $100 million. As part of the transaction, certain members of the Corneliani family will remain as shareholder alongside Investcorp. Founded in 1958, Corneliani is a luxury clothing brand best known for its men's suits and chic casualwear and is one of the oldest independent Italian luxury brands. Founder, Carlalberto Corneliani has, alongside his brother Claudio, built a business whose clothing line has become reputed across the international luxury apparel industry. The firm's expansion into the casual wear market has seen its international presence grow significantly, with stores established across Europe, the US, Asia and more recently into emerging markets. Corneliani employs approximately 1,100 people and benefits from a global sales presence in 68 countries through 10 directly operated stores, approximately 850 multi-brand stores, more than 75 franchise stores and 50 store-in-stores, including Harrods, Harvey Nichols, Saks Fifth Avenue and Bloomingdales. As the luxury clothing market has shifted towards more casual lines of clothing, the Corneliani brand has adapted well to the changing conditions, combining tradition, quality and modernity into each new collection. In 2015, the company reported revenues in excess of €110 million. Carlalberto Corneliani said: "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]. I am confident that Investcorp is the best partner Corneliani can 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." Yasser Bajsair, Managing Director at Investcorp in the Kingdom of Saudi Arabia, said "Corneliani is an excellent fit for Investcorp's portfolio and 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."
