Danish fashion group IC Companys has acquired the remaining half of international brand By Malene Birger for an undisclosed amount.

IC has entered into an agreement to acquire 49% of the company's shares it does not already own from creative director Malene Birger. By Malene Birger will subsequently be wholly owned by IC Companys, a statement said.

By Malene Birger generated revenue of DKK196m (US$36.7m) for 2009/10 and an operating profit of DKK15m.

Chief financial officer Niels Mikkelsen said: "By Malene Birger has a huge international potential which we would like to pursue in the coming years. We therefore see it as a natural step forward to acquire the remaining interest in the company."

Creative director Malene Birger of By Malene Birger said: "In order to strengthen my creative and artistic side, and constantly be able to focus and renew the well-known collections, expression and Universe of By
Malene Birger, I have decided to leave the business side of the company to concentrate on all the exciting creative challenges I have at By Malene Birger.

"I feel confident that IC Companys is the natural business partner for me and that we together may realise our dreams, since future growth demands changes."

Malene Birger will resign from the day-to-day management but will continue as art director consultant for the brand.