Known for its floral patterns, fashion brand Cath Kidston Asia is preparing for “significant” expansion with its new owner, Hong Kong investment firm Baring Private Equity Asia.

Hong Kong-based Baring bought out US private equity company TA Associates to take control of Cath Kidston, and has appointed former Gucci boss William Flanz as chairman.

Two years ago Baring acquired a 40 per cent stake in Cath Kidston in a deal that valued the company at around US$318.4 million. The price for the new deal, in which Baring bought TA’s 40 per cent shareholding, has not been disclosed.

Cath Kidston launched her first store in Holland Park, London, in 1993, becoming known for her bags, accessories and clothing in a range of floral designs. Kidston still owns about 11 per cent of the business, although she stepped down as creative director in 2014. The management team owns the remaining 9 per cent of the brand.

Now the company has 226 shops, with 70 per cent outside the UK. There are 133 outlets in Asia and the brand will launch into India before the end of the year.

Cath Kidston last week launched a collaboration with Disney that involves a collection of products based on Winnie the Pooh. Cath Kidston says the new products led to its biggest-ever day of full-price sales online, with 58 mugs sold every hour on the day of launch and a 500 per cent increase in online sales in Korea.

“We are entering a really exciting new stage under a single owner,” says chief executive Kenny Wilson. “Baring Asia’s decision to increase its shareholding is a fantastic endorsement of the potential of the Cath Kidston brand.”