New York Investment fund, Marquee Brands, is the latest to try to breathe life into ailing Italian shoemaker Bruno Magli.
Marquee is a brand acquisition firm set up by the New York-based private equity firm Neuberger Berman. The company is set to announce today that it will acquire Magli for about $34 million.
The current owner, the Swiss asset management firm Da Vinci Invest, acquired Bruno Magli last January, but has failed to revive the company — as did its previous owner, Fortelus Capital Management, which bought the brand in 2007, according to the New York Times.
Marquee plans to build partnerships and extend the Bruno Magli line into other categories. The plan appears to be to once again try to refashion the label into a lifestyle brand.
Bruno Magli’s corporate offices will be based at Marquee’s New York headquarters, but the brand’s core footwear and leather products will continue to be designed in Bologna and made in Italy.