Bruno Magli in exclusive negociations for takeover by E-land
After being taken over by British investment fund Fortelus Capital in 2007, Italian footwear company Bruno Magli is changing hands once again. Fortelus Capital has entered into exclusive negotiations with consortium of investors that include South Korean E-Land and Hong Kong-based CDIB Capital. The transaction is expected to close by the end of November.
Founded in 1936, footwear and leather goods brand Bruno Magli closed its atelier in in Bologna in 2011 and has since outsourced production. The brand’s head office moved to Milan in 2011 and in the same year welcomed Max Kibardin as creative director. “Bruno Magli is not only in need of investments but also a partner that will work closely with the company. A group such as E-Land with significant retail expertise could be the ideal partner to help revitalize the brand,” a source close to the company is cited as saying.
The Korean fashion and retail conglomerate controls other Italian brands Mandarina Duck and Coccinelle. As for Bruno Magli, the label owns five standalone stores in Italy and has various franchises internationally. Annual revenue in 2010 was around €40 million.
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