Private equity firm takes control of Italian fashion brand Aspesi

Italian private equity firm Armonia said on Thursday it had bought a majority stake in high-end clothing brand Aspesi and had named as chief executive Fabio Gnocchi, the former commercial head at rival Brunello Cucinelli. Fashion Network had already reported on the impending deal earlier this year in July.

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

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