Investcorp acquires 55% stake in luxury Italian menswear specialist Corneliani

Investcorp, the Bahrain-listed alternative investment firm, said that it had acquired a 55 per cent stake in the luxury Italian menswear specialist Corneliani.

The clothing brand has a global sales presence in 68 countries through 10 directly operated stores, about 850 multi-brand stores, more than 75 franchise stores and 50 store-in-stores, including Harrods, Harvey Nichols, Saks Fifth Avenue and Bloomingdales.

Although Investcorp did not provide an investment figure, it said that business is valued about US$100 million.


As part of the transaction, certain members of the Corneliani family will remain as shareholder alongside Investcorp.

“We believe that Corneliani is a great addition to our investment portfolio in Europe,” said Mohamed Sammakia, managing director at Investcorp in the UAE. “This acquisition reflects our experience and expertise within the luxury sector. The company enjoys an internationally recognised brand and a strong market position and we believe that we are the ideal partner to support the Corneliani family in launching the company into its next phase of growth.”

Investcorp has been on something of a shopping spree since the start of the year. It bought five residential properties in the US states of Florida and Minnesota for about $220m in March and said it had paid $180m to buy an office building in Washington DC in February.

Since 1996, Investcorp has completed more than 400 pro­perty investments with a total value of more than $13 billion.

The Manama-based firm posted a 12 per cent increase in its net profit to $50.9m in its fiscal first half that ended December 31, 2015 from $45.3m in a year-earlier period.​

ascott@thenational.ae

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