News
Cavendish advises on the sale of the Lunan Group plc
28 July 2008Cavendish Corporate Finance is pleased to have advised on the sale of The Lunan Group (''TLG'' or the ''Group''), owner of the affordable luxury handbag and accessories brands Fiorelli and Modalu, to Synova Capital, the UK lower-mid-market private equity firm.
TLG acquired Fiorelli in 1995 and subsequently developed it into one of the UK's biggest-selling handbag brands, with an estimated 13% share of the UK branded handbag market. Sold in more than 500 independent retail outlets and leading department stores throughout the UK, the brand is now witnessing strong growth in demand from Europe and the emerging markets for its high fashion affordable product range.
Modalu, which was established by TLG in 2004 as a designer of high quality contemporary leather handbags and accessories, has successfully grown market share in the UK and internationally over the past four years and continues to perform strongly.
[Jonathan Buxton], Partner at Cavendish Corporate Finance commented: ''We are delighted to have helped The Lunan Group take this important next step in growing the business''.