PARIS — Onward Luxury Group, formerly known as Gibò, has snapped up leather-goods-maker Moreau-Paris.

Through the acquisition, the group said it wishes to diversify its portfolio.

Moreau’s savoir faire dates back to the early 19th century. The company, which specializes in handworked luggage and bags, ceased trading in the first half of the 20th century but was brought back to life in 2011 by entrepreneur Veronika Rovnoff and her brother Fedor Georges Savchenko, who is to remain the brand’s artistic director.

“I am proud of being part of this important fashion group, and I am convinced that Moreau will benefit for years to come, reaching the international distribution it deserves,” said Savchenko, who previously worked for French heritage trunkmaker Goyard, according to his LinkedIn profile.

Franco Penè, president of OLG SpA, highlighted that it was the group’s specialty to work with businesses whose turnover is “still limited but with a strong growth potential in the luxury sector.”

Moreau-Paris is currently sold through the label’s own boutique in Paris, as well as about 30 wholesale accounts, including Barneys New York, Isetan and Lane Crawford.

Financial terms of the deal were not disclosed.