Corneliani getting 7 million euro investment from Investcorp

Italian luxury label Corneliani is getting a 7 million euro investment from Investcorp. The company, which was hard hit by the COVID-19 pandemic, has now been thrown a lifeline by the Bahrain-based investment fund, which is creating NewCo, to invest in the label. The news was reported by WWD.

Investcorp will be forming the new company and making its investment by April 15. On that date, Corneliani will be presenting a court in Mantua a new request for a composition of credits to guarantee business continuity.

If Investcorp meets agreement with the Mantua court, then Corneliani will also receive a 10-million-euro investment from the Italian government as part of Italy’s Re-Launch program to help restart the country after the global pandemic. In 2016, Investcorp acquired a majority stake in the company in a 100 million dollar deal. There has been speculation that Corneliani would be acquired by a larger conglomerate company, but no bids were made.

photo: Corneliani Facebook page