French luxury fashion label Jean-Charles de Castelbajac (JCDC) has been bought by South Korean firm EXR, part of the textile division of the Seoha Brand Group.

EXR already holds the JCDC distribution licence in South Korea and also those of the Converse and Kappa brands.

JCDC was placed in administration in May this year following the decision by its major shareholder, the Sixth Swedish National Pension Fund (AP6), to stop investing in the company.

EXR will inject initial capital of close to EUR3m (US$4.08m) in JCDC. Of this, EUR1m has already been forwarded to ensure the launch of its autumn/winter collection 2011-2012, a spokesman for the French law firm representing the buyer told just-style.

The majority of JCDC's 20 staff are being kept on, while the label's founder and designer Jean Charles de Castelbajac will remain as artistic director.

"EXR is very keen to maintain and bring out JCDC's French origins and develop the label. The acquisition also gives it a platform in Europe and the purchase of other luxury clothing brands could follow," the spokesman added.

De Castelbajac's creations have been worn by stars such as Lady Gaga and Katy Perry.