Investcorp, a global provider and manager of alternative investment products, has reached an agreement with the Corneliani family to acquire a majority stake in the luxury Italian menswear brand for approximately $100 million. As part of the transaction, certain members of the Corneliani family will remain as shareholders alongside Investcorp.
“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,” said Carlalberto Corneliani, founder of Corneliani. “I am confident that Investcorp is the best partner Corneliani could 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.”
Hazem Ben-Gacem, Head of Investcorp’s Corporate Investment business in Europe, said, “We are honored that the Corneliani family selected us to engage in a bilateral discussion and ultimately entrusted us to take their business forward. With our extensive experience developing family-run businesses in the luxury fashion industry, we believe that we are well-positioned to build greater brand awareness and add further value to the firm as it looks to expand internationally in both existing and new markets. We very much look forward to working alongside the Corneliani family, whose ambitions and values we share, and working with the management team.”
Founded in 1958, Corneliani is a luxury clothing brand best known for its men’s suits and sophisticated casualwear and is one of the oldest independent Italian luxury brands. Carlalberto Corneliani has, alongside his brother Claudio Corneliani, 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 U.S., Asia and more recently, into emerging markets.
Corneliani employs approximately 1,100 people and benefits from a global sales presence in 68 countries through ten 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 Bloomingdale’s. 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 ($124 million USD).