Luxe leather brand Bally has been sold by owner TPG Capital to the Vienna and Milan-based holding company LABELUX Group. While the details of the sale have not been disclosed, it was announced yesterday that there would be no restructuring of management - and that the priority of Bally's new owner would be to focus on long-term expansion plans.
"Over the last few years Bally achieved a spectacular turnaround and has enjoyed a marked improvement in performance and an expansion of its consumer base," commented Mario Franchini, Bally's ceo. "TPG has always been on our side and supported Bally on its growth path. The management team will remain with the company and continue to focus on further strategic consolidation and growth."
Source: vogue.co.uk
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