Global investment group Investcorp has agreed a US$100m deal to acquire a majority stake in Italian luxury men's wear company Corneliani.

Founded in 1958, Corneliani is best known for men's suits and casualwear and is one of the oldest independent Italian luxury brands, with a presence across Europe, the US and Asia. The company employs around 1,100 people and sells through 10 directly operated stores, 850 multi-brand stores, more than 75 franchise stores and 50 store-in-stores. In 2015, the company reported revenues in excess of EUR110m (US$123.7m).

Under the terms of the deal, certain members of the Corneliani family will remain as shareholders alongside Investcorp.

"After over six decades building Corneliani, I believe the time is right for me to pass the company to a trusted custodian who can build on the vision and journey that I embarked upon with my brother in 1958," says founder Carlalberto Corneliani. "I am confident that Investcorp is the best partner Corneliani could hope for and I have no doubt that they will develop this business to become one of the leading players in its market."

Investcorp plans to build greater brand awareness and expand internationally in both existing and new markets.

"We very much look forward to working alongside the Corneliani family, whose ambitions and values we share, and working with the management team," says Hazem Ben-Gacem, head of Investcorp's corporate investment business in Europe.