Chinese clothing retailer Trinity Limited has reported it will buy the Cerruti luxury fashion and perfume brand for a maximum of €53 million ($70 million).
Cerruti has been owned since 2006 by MatlinPatterson, a firm that specializes in turning around loss-making companies. 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."
Hong Kong-listed Trinity Limited manages six high-to-luxury end international menswear brands, including Cerruti 1881, but mostly under long-term licenses. Cerruti's flagship Paris store will remain a critical element of building the brand's image.