Alessandro Benetton’s investment fund acquires Philippe Model

The Italian luxury sneaker brand Philippe Model has been acquired by 21 Investmenti, Alessandro Benetton’s investment fund. Particulars of the deal are unknown, although the investment fund is said to have taken a majority stake of 70 percent in the company, FashionMag.com reports.

Philippe Model was founded in the eighties by its current designer, Paolo Gambato. His men’s and women’s sneakers are produced in Italy’s Riviera del Brenta region, home of the country’s shoe production. The company currently generates annual revenues of around 100 million euros (85.5 million pounds).

By taking over the brand, 21 Investmenti aims to grow the business internationally. “Our goals to make it a leader on the international scene: Philippe Model represents a typical example of the Italian savoir faire, which through the use of local skills conquers international markets thanks to a high-quality, elegant product,” Alessandro Benetton said in a statement,

A new CEO is expected to be announced soon. In the meantime, co-founder Roberto Doro continues to manager the brand. Both Doro and Gambato will remain shareholders and will continue in their current roles.