Hony backs Italian fashion brand Mr & Mrs Italy

Financial terms weren’t disclosed. The investment comes from the GP's latest fund, which closed at $2.7 billion last year. Duemmei’s largest shareholders and senior management figures, Fabio Leoncini and Andrea Bucalossi, will retain responsibility for the company’s operations after the transaction, a statement said.

Based in Milan, Mr & Mrs Italy was founded in 2007 and bought by Bucalossi and his partner in 2013. The company is best known for its parkas, which are hand-made and lined with luxe fur. All its products are positioned in the luxury segment, with a denim parka priced at around HK$7,000 ($1,057).

The brand has become even more popular after it was worn by pop star Rihanna and model Cara Delevingne, as well as by a number of Korean celebrities.

The company has expanded into the US and Greater China, with four directly-owned stores in Hong Kong, Beijing, and Shanghai. Following the investment, Hony will support further penetration of the Asian market in order to build brand recognition and boost sales.  

This is not the first time for the GP has invested in overseas consumer brands, with a view to facilitating expansion in China. Three years ago, Hony bought restaurant chain Pizza Express from UK-based PE firm Cinven Partners for $1.54 billion.

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• Topics
• Greater China
• Consumer
• Expansion
• Growth capital
• China
• Europe
• Hony Capital