Italian private equity fund Armònia SGR has acquired a majority stake in the Aspesi fashion group.

Armònia, which made the investment through the Armònia Italy fund, was founded in 2015 by Sigieri Diaz Pallavicini, Alessandro Grimaldi, Luca Rovati, Francesco Chiappetta and Fabrizio Di Amato. This is Armònia’s first acquisition.

The private equity fund didn’t disclose the value of the deal, which media reports put at 50 million euros, or $52.2 million at current exchange rate.

Fabio Gnocchi, former commercial director at Brunello Cucinelli, will be appointed chief executive offer of Aspesi, while the brand’s founder Alberto Aspesi will hold a minority stake in the company he established in 1990. Aspesi is known for its understated luxury collections, designed by Lawrence Steel, which include the brand’s signature classic lightweight down jackets.

“Aspesi is one of those Made in Italy brands we want to empower and reinforce through our investments and skills,” said Grimaldi, Armònia’s ceo. “We want to be a driving force for their development and we aim to play a role which goes beyond the mere financial support to be industrial partners.”

Aspesi operates several boutiques across Europe and Japan, including stores in Milan, Rome, Madrid, Berlin, Munich and Kyoto.