Consumer-focussed private equity fund Cassia Investments has partnered with Italian fashion entrepreneur Alessandro Bastagli to acquire Shanghai Tang from Swiss luxury group Richemont.

Financial terms of the transaction have not been disclosed.

Established in 1994 by Hong Kong businessman Sir David Tang as a bespoke tailoring atelier, Shanghai Tang claims to be the first contemporary luxury brand from China. It offers a range of men’s and women’s clothing, accessories and home decorations.

Richemont took a controlling stake in the brand in 1998, acquiring 100 per cent ownership in 2008. The brand today has 32 boutiques, mainly in Asia.

Cassia says it will invest in the continued growth of the brand, particularly through expansion into new markets in Asia, Europe, the Middle East and North America. Cassia is focussed primarily on China, Indonesia, the Philippines, Thailand and Vietnam.

With a sectoral focus on apparel and accessories, as well as retail and distribution, the firm also has interests in restaurants and hospitality, F&B, personal care, education, e-commerce and home lifestyle and leisure products.