Private equity firm Hony Capital will buy a 30% share of Italian firm Duemmei, owner of the Mr & Mrs Italy fashion brand. Reporting by Julie Zhu in Hong Kong; Editing by Sumeet Chatterjee and Vyas Mohan This marks the Chinese firm's first investment in the luxury industry, as the luxury goods sector slowly begins to recover following China's corruption crackdown. The deal is expected to close by the end of this year, with an initial public offering (IPO) planned for next year.
Private equity firm Hony Capital will buy a 30% share of Italian firm Duemmei, owner of the Mr & Mrs Italy fashion brand. This marks the Chinese firm's first investment in the luxury industry, as the luxury goods sector slowly begins to recover following China's corruption crackdown. The deal is expected to close by the end of this year, with an initial public offering (IPO) planned for next year.