By  on March 24, 2013

MILAN — Valextra SpA has a new partner that will help expand the brand and launch an initial public offering down the road. The Italian luxury accessories company said Friday that London-based investment firm NEO Capital has taken a stake in Valextra through a capital increase. Financial details of the transaction were not disclosed.

Former Bally chairman and chief executive officer Marco Franchini has been tapped as Valextra’s ceo. The sale and appointment confirm earlier WWD reports.

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