Italian fashion house Cerruti has been sold to private equity firm MatlinPatterson for an undisclosed sum and named Nicolas Andrea Taralis as its new artistic director.

Cerruti is the first fashion industry purchase for MatlinPatterson, a $3.8bn fund with offices in New York, London and Hong Kong.

New CEO Philippe Cleach says the company intends to buy the factories where Cerutti's 320 staff are employed.

Canadian national Taralis studied fashion at New York's Parsons School of Design and the University of Vienna, and worked for three years with Hedi Slimane at Dior Homme.