The deal buys 3i a stake of 49 per cent in the business, which owns the Biasia, Braccialini, Coccinelle and Mandarina Duck brands.

The four brands will be brought together in a vehicle called Antichi Pellettieri Bags (AP Bags). 3i, which has had a local team in Italy for almost 20 years, will assist the business with expansion into new markets, particularly China and India.

The firm has introduced Giacomo Santucci and Salvatore Ferragamo, the former COO and MD of Gucci, to the board of AP Bags as non-executive directors.

Giovanni Stella, CEO of Antichi Pellettieri, says that 3i’s network of strategic and industrial partners in emerging markets will assist the business with its expansion plans.

Antichi Pellettieri is the leather goods division of Italian listed company Mariella Burani Fashion Group.