Designer Anya Hindmarch has sold a stake in her handbag business to private equity group Kelso Place Asset Management.

The deal, which will fund will fund new stores on London's Sloane Street and New York's Madison Avenue, values the luxury label at GBP20m (US$37.74m).

The business has flourished from a one-store operation to a 28-store-strong company over 12 years.

Hindmarch is also said to be eyeing the Chinese market for future expansion.