Mariella Burani Fashion Group (MBFG) has sold its multibrand retail operations to private equity fund Abacus Invest for 75 mln euros ($101.8 mln).
MBFG will receive 60 mln euros ($81.4 mln) of the sum by December 30, 2007 and the remainder will be paid in instalments over the next 36 months.
The operation is part of MBFG's strategic plan to focus on its leather goods and fashion jewellery operations, businesses characterised by higher margins, the group announced in a statement.
Mariella Burani plans to reinvest 15 mln euros ($20.4 mln) in the company that has been established by Abacus Invest to acquire the multibrand retail division.
