South Korea’s E-Land and Hong Kong’s CDIB Capital are to buy Italian luxury leather goods company Bruno Magli from its parent company Fortelus Capital.

The seller and the two buyers are expected to close the deal by November.

“Bruno Magli is not only in need of investments but also a partner that will work closely with the company. A group such as E-land with significant retail expertise could be the ideal partner to help revitalise the brand,” said a source close to the company.

Bruno Magli has 11 monobrand boutiques as well as shops-in-shops at major department stores around the world. Its products are also sold through its own e-commerce site and via e-tailers.

E-Land has businesses spanning shopping malls, restaurants, theme parks, hotels, fashion apparel and construction.

An international private equity investment arm of China Development Financial, CDIB Capital has an assets worth approximately US$20 billion.