MILAN — Bruno Magli is changing hands again.
British investment fund Fortelus Capital, which acquired the brand in 2007, has entered into exclusive negotiations with a consortium of South Korean investors that include E-Land Group and Asian private equity investor CDIB Capital to sell the entirety of the storied Italian footwear brand.
The transaction is expected to close next month.
Founded in Bologna by Bruno Magli in 1936, the company hired footwear designer Max Kibardin as creative director in 2011, and today markets shoes, bags, small leather goods and a capsule collection of ready-to-wear for men and women. Fortelus took control of the brand from private equity fund Opera.
Fashion and retail conglomerate E-Land was established in 1980 in Korea. Comprising over 60 affiliated entities, E-Land works with close to 200 brands and operates more than 10,000 stores worldwide, logging revenues of approximately $8 billion in 2012.
E-Land formed a venture with Kate Spade in Mainland China, and has taken took control of accessories brand Mandarina Duck and Italian brand Belfe, among others.
Hong Kong-based CDIB Capital is an affiliate of China Development Financial, founded in 1959, and one of the oldest and largest merchant banking groups in Greater China with over $17 billion in assets.