Chinese private equity firm Hony Capital has agreed to acquire 30 per cent of Duemmei, which owns Italian fashion brand Mr&Mrs Italy.

No financial details have been disclosed, but the move will support the brand’s expansion in Asia.
“More Chinese people are travelling overseas to buy foreign brands, and they prefer luxury brands that target the young generation with more casual high-quality products,” says Homy manager Yuan Bin. “Mr&Mrs Italy’s products have followed that trend.”

Chinese consumers spent more than RMB500 billion (US$76 billion) on luxury products last year, accounting for a third of the global market. On average, each Chinese family bought RMB71,000 in luxury goods last year, twice more than families in France or Italy, according to McKinsey & Company.

Founded in 2007, Mr&Mrs Italy specialises in luxury parkas. The company has expanded to China and has established offline stores in Hong Kong as well as Beijing and Shanghai.

Hony has focused on investment opportunities in the consumer, services and healthcare sectors in Europe and the US. In 2014, the firm acquired a 20 per cent stake in British chain PizzaExpress for about $1.5 billion.