LONDON — SynovaCapital, a London-based private equity group, said it has invested in The Lunan Group, which owns the midrange handbag brands Fiorelli and Modalu.
The company did not disclose the financial terms of the deal, but British press reports have estimated that Synova acquired The Lunan Group for between 15 million and 30 million pounds, or $29.2 million and $59.8 million. The company said Fiorelli, which is sold across the U.K., Germany, Sweden and South Africa, has a 13 percent share of the handbag market in the U.K. Following the deal, Stuart Lunan will remain as chief executive officer of The Lunan Group, while Leo Gestetner, a co-founder of Brands Etc., whose businesses include the lingerie brand Myla, has been appointed executive chairman. Marlies Spiekman, formerly finance director of LVMH Moët Hennessy Louis Vuitton’s leather business in the U.K., has been made chief financial officer.
“Synova Capital’s decision to invest in the business, together with the appointment of Leo and Marlies, gives the group the management expertise and financial resources to realize our international growth strategy, while maintaining our strong performance to date in the U.K.,” said Lunan.
Synova Capital was founded last year by Poju Zabludowicz, Philip Shapiro and David Menton. Paul Myners, a former chairman of Marks & Spencer, joined Synova as investment committee chairman in May.
@margotrobbie steps out onto the red carpet wearing @miumiu. The actress is nominated for “Outstanding Performance by a Female Actor in a Leading Role” in “I, Tonya” at the #SagAwards. (📷: Stewart Cook) #wwdfashion
For @massimogiorgetti of @msgm, the Nineties are his favorite decade. “They had a huge impact on my personal growth. What I like of the Nineties is that they are not so precise in terms of style as other decades…there was actually a bit of everything,” he said. As seen on MSGM’s Spring 2018 show: tie-dye and a bit of grunge, two styles that are synonymous with the decade #wwdfashion #wwddecades (📷: @kukukuba)
Breaking News: @hedislimane joins @celine as its new artistic, creative and image director. One of fashion’s preeminent image-makers and trendsetters, Slimane is to join the LVMH brand on Feb. 1 and unveil his first fashion proposition for men and women next September during Paris Fashion Week. It marks a major homecoming for Slimane, who cemented his reputation – and influenced men’s tailoring for more than a decade – as the designer of Dior Homme between 2000 and 2007. He went on to reinvent and ignite the house of Yves Saint Laurent, which he rechristened Saint Laurent, between 2012 and 2016 – all the while maintaining a close relationship with the Arnault family, which controls LVMH and Dior. Read the full exclusive story on WWD.com. Link in bio. #wwdnews #wwdfashion
“Personally I believe the Eighties have been the richest and more vivacious period for international fashion,” Giorgio Armani said when asked what his favorite decade of fashion is. It was a moment of disruption and experimentation and only thinking back to the first years of that decade is always an emotion for me, for what they have meant to me and my work.” The influence is clear in @giorgioarmani spring 2018 collection, pictured here, which was full of bright colors and unexpected prints. Read more about which decades designers loved most on WWD.com #wwdfashion #wwddecades (📷: @aitorrosasphoto)
For Lady Gaga’s only Italian show on her “Joanne World Tour,” the singer wore a range of @versace_official outfits. The standout piece: this custom-made bodysuit inspired by the brand’s spring 2018 collection. #wwdfashion (RG: @ladygaga)
@_camillaruth_ is expanding on the wellness-craze concept with @westbourne – a new NYC restaurant that’s both a healthy-minded café as well as a business that gives back to the community. Marcus works with the Robin Hood foundation to give back to The Door, a non-profit providing youth development services, and also hires employees through The Door. Read our full interview with Marcus on giving back through food on WWD.com. #wwdeye (📷: @lexieblacklock)