Trinity Limited said its purchase of Cerruti Holdings "fits in with the Group's strategy to own intellectual property rights or take on very long term licenses in high-end to luxury menswear brands with heritage."
Cerruti has been owned since 2006 by MatlinPatterson, a firm which specialises in turning around loss-making companies.
Hong Kong-listed Trinity Limited manages six high-to-luxury end international menswear brands, including Cerruti 1881, but mostly under long-term licenses.
It is a division of the Li & Fung Group, which generated $16 billion in revenue last year.
Trinity Limited said in a statement that planned to exploit its operating and 381 store network in China to help turn around Cerruti.
It added that Cerruti's flagship Paris store would remain a critical element of building the brand's image.
Source: AFP
