December 22, 2016 / 6:42 PM / in 7 months

UPDATE 1-Private equity firm takes control of Italian fashion brand Aspesi

1 Min Read

(Adds source comment)

MILAN, Dec 22 (Reuters) - Italian private equity firm Armonia has bought a majority stake in high-end clothing brand Aspesi and appointed as Aspesi's chief executive, Fabio Gnocchi, the former commercial head at rival Brunello Cucinelli .

Alberto Aspesi, founder of the brand famous for its minimalist style and high-tech fabric outerwear, will retain a minority stake.

A source close to the deal said Armonia had paid more than 50 million euros ($52 million) to gain a "large majority" stake.

Armonia said it would support the company's expansion as a long-term industrial partner in its first deal under a strategy aimed at helping small and medium-sized Italian businesses expand abroad.

Mediobanca and Ethica Corporate Finance acted as Aspesi's financial advisers.

$1 = 0.9578 euros Reporting by Valentina Za; editing by Francesca Landini, Greg Mahlich

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