Investindustrial was said to be in advanced talks with Kering earlier this year over the sale of the luxury shoe brand.

Sergio Rossi has been struggling for over a decade, leading Kering to separate the shoe brand from its half-year 2015 results in July, following the €10.7 million net loss largely attributed to Sergio Rossi.

Andrea Bonomi, Senior Partner at Investindustrial, said the company, whose portfolio includes Aston Martin, Ducati and B&B Italia, works with brands “that are growing internationally” and that it plans to achieve “the same growth path” for Sergio Rossi.