Italian fashion group Ferragamo has sold off the Emanuel Ungaro luxury label to US investor Asim Abdullah.

Ungaro's in-house designer Vincent Darre will be replaced, but the company has not yet determined his successor.

Ferragamo, which has not disclosed the price of the deal, will continue to produce Ungaro's fragrance and accessory ranges. The group had previously said it was seeking a purchaser for Ungaro, which it acquired in 1995.

Abdullah said he would stick with the relaunch plan that Ungaro's chairman began last year, and added he aimed to keep on the current management team.

Ungaro, which is known for its best known for its bright floral designs, has been shifting its focus from haute couture to ready-to-wear lines and accessories after reportedly suffering losses of €21 million last year.